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Workforce Housing Event Held in Arlington County Summit To Address Need For Affordable Housing and Employer-Assisted Solutions

Arlington, VA – To address the need for affordable housing in Arlington County and to encourage employers to offer a housing benefit to employees, several organizations are hosting the "Arlington County Workforce Housing Summit," June 29 from 9 a.m. to noon at 4301 Wilson Blvd. in Arlington. Local employers are encouraged to attend.

The Arlington County Workforce Housing Summit, held during National Homeownership Month (June) will showcase successful employment and quality of life initiatives designed to help local employers enhance employee recruitment and retention. Participants will hear about the benefits of offering an employer-assisted housing benefit to their workforce, and can learn from local employers who currently offer the benefit.

The sponsors are Freddie Mac (NYSE:FRE), Arlington County Department of Community Planning and Housing, Arlington County Chamber of Commerce and Northern Virginia Association of REALTORS.

"The Workforce Home Benefit initiative is making a difference in the affordable housing needs in Arlington County," said Rep. Jim Moran (VA-08). "Individuals who thought they couldn't afford a home in this area have become homeowners. I applaud the organizations that are working together to create viable solutions."

"Employees who live closer to their jobs report being much happier in their lives, both work and private, which translates to lower staff turnover, reduced recruitment and retention costs, with the additional benefit of reducing the carbon footprint of the community," said Ken Aughenbaugh, director, Arlington County Housing Division. "We hope that all Arlington employers will consider joining the Workforce Housing Initiative and help make homeownership a reality for their valued employees."

"The Summit is a great way for employers to learn firsthand about how they can enhance homeownership opportunities for their workforce," said Craig Nickerson, vice president of Expanding Markets for Freddie Mac. "Whether its down payment assistance or employer-sponsored education about the home buying process, workforce housing initiatives are one solution to the growing problem of long commutes and the high cost of housing in this area."

Freddie Mac developed a Workforce Home Benefit toolkit for use with employers throughout the U.S. The toolkit provides comprehensive information to employers on how to cost effectively structure workplace housing assistance to foster homeownership among their employees. Arlington County kicked off this solution in June 2006 with seven employers: Arlington County Government; Arlington County Schools; Virginia Hospital Center; George Mason University; Marymount University; AHC, Inc. and Ethiopian Community Development Council, Inc.

The Workforce Home Benefit solution, combined with the County's existing employer assisted housing benefit has helped more than 100 employees with a variety of resources needed to become homeowners, including flexible mortgage products, down payment assistance, discounts on properties, homebuyer education and credit counseling. For more information about the 2006 initiative launch, visit: http://www.freddiemac.com/news.

The Arlington County Workforce Housing Initiative has brought together participating mortgage lenders, real estate professionals, developers and housing counselors. Local lenders, including Citibank, First Horizon Home Loans, George Mason Mortgage, National City Mortgage, SunTrust Mortgage and Wells Fargo are making available flexible mortgages that address credit and down payment issues. Arlington Home Ownership Made Easier, Inc. (AHOME) is conducting financial literacy and homebuyer education workshops at the participating employers' worksites.

For more information about the Summit, visit: http://www.arlingtonva.us/Departments/CPHD/housing/initiative/CPHDHousingHousing_InitiativeMain.aspx

Freddie Mac is a stockholder-owned corporation established by Congress in 1970 to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Over the years, Freddie Mac has made home possible more than 50 million times, ensuring financing for one in six homebuyers and more than four million renters.

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