Helping Employees Become Homeowners
June is National Homeownership Month, a time to recognize the importance of owning a home and the profound impact it has on individuals, families, and communities. Homeownership is an integral part of the American Dream and is fundamental to the health and prosperity of localities. Homeownership strengthens communities economically and culturally by encouraging residents to put down roots and invest in their communities, fostering a sense of belonging, safety, and connection. In celebration, Henrico County is highlighting two initiatives that demonstrate its commitment to making homeownership more attainable: the Employee Home Purchase Assistance Program (EHPAP) and the Affordable Housing Trust Fund (AHTF).
The Employee Home Purchase Assistance Program is more than just a housing initiative; it’s an impactful employee benefit that helps Henrico County’s workforce achieve homeownership. Eligible full-time permanent employees may receive up to $25,000 in down payment and closing cost assistance, reducing upfront costs and helping to remove one of the most significant barriers to purchasing a first home. Since launching in December 2023, EHPAP has helped more than 70 employees become homeowners and has invested over $1.6 million in assistance. By helping employees put down roots in the community they serve, EHPAP supports financial stability and demonstrates Henrico County’s commitment to investing in its employees.
In addition to the upfront costs, rising prices and elevated mortgage rates have also made it increasingly difficult for many first-time buyers to achieve homeownership. This affordability gap leaves many households locked out of the stability and wealth-building that comes with homeownership. To help make homeownership more attainable, Henrico County created the AHTF and committed $60 million to support the development of homes that will be sold at below-market rates to income-qualified first-time homebuyers. In just two years, the AHTF has supported the development of more than 400 new homes available in a range of sizes, types, and price points to meet the needs of individuals and families throughout Henrico.
For many Americans, homeownership represents not only their largest investment and greatest financial asset, but also stability, comfort, safety, and wellness for themselves and their family. Through EHPAP and the AHTF, Henrico County is expanding access to homeownership opportunities for employees and residents across the county. During National Homeownership Month this June, Henrico County recognizes the lasting impact of homeownership on families, neighborhoods, our workforce, and the community.
