Fannie, CAR Launch EAH Program

Fannie Mae and the California Association of Realtors have teamed up to launch the CAR Employer Assisted Housing Program, which is designed to increase affordable homeownership opportunities for California's work force.The initiative will use EAH benefit plans to offer access to homebuying workshops provided by participating real estate professionals and to financial benefits such as loans or grants to fund downpayments, closing costs, or interest-rate buydowns. "Homeownership is key to stabilizing communities and increasing economic opportunities, and we want to encourage businesses to invest in their employees by offering housing benefits," said Carl San Miguel, chair of CAR's Housing Affordability Fund. Fannie Mae will provide free tools to employers to help them design an EAH plan that fits their business needs. Participating lenders, including CitiMortgage, GMAC, and Washington Mutual, will offer low-cost financing options.