Recommendation CC.14
Recommendation Status: Expand
Incentivize employer assisted housing downpayment programs with public subsidies.
This recommendation helps achieve the following
Complete
Communities
Inclusive
Economies
Key Issues Addressed
Related Planning Topic Areas
Applicable Geographic Scales
Countywide
Municipalities
Sub-geographies
Equity Considerations
Providing downpayment assistance to potential homebuyers reduces financial barriers to homeownership for low - to moderate income individuals.
Sustainability Considerations
Increasing homeownership rates in the Spanish Lake community can help reduce vacancy to preserve housing and neighborhood stability.
Implementation
Lead Partner(s)
St. Louis County Department of Human Services - Office of Community Development
Supporting Partner(s)
Christian Hospital Northeast
St. Louis County Department of Human Services
St. Louis CDFI Coalition
Affordable Housing Trust Fund Coalition
Cost
Low
(Less than $1 mil)
Medium
($1-5 mil)
High
($10+ mil)
Project, Partnership, or Policy
Project
Partnership
Policy
Medium-term
(5-10 Years)
Ongoing
Near-term
(Within 5 Years)
Long-term
(10+ Years)
Timeline
Potential Funding Sources
Community Development Block Grants
HOME Investment Partnership funds
St. Louis County Port Authority Community Investment Fund
Federal Home Loan Bank
Missouri Department of Revenue
Missouri Housing Development Commission
Christian Hospital Foundation
Tracking Implementation
Tracking Success
Increase in downpayment assistance to households by anchor institutions
If overperforming, what should we do?
Keep going and publish the success.
If underperforming, what should we do?
St. Louis County Government can create an incentive by providing a funding match to support employer assisted downpayment program.