Down Payment Assistance

  • An employer provides an employee with a forgivable loan to help with the down payment for the purchase of a house.
  • The loan is forgiven over a period of time as long as the employee meets agreed upon retention and performance obiligations.
  • If the employee fails to meet the agreed upon obligations, they must pay back the unforgiven loan balance, plus interest.

Rent Subsidy

  • An employer provides an employee with periodic or recurring payments to offset rental costs.
  • The rental subsidy is earned in arrears and is based on employee retention and perofrmance obligations.
  • If the employee fails to meet the agreed upon obligations, the rent subsidy is terminated.

Home Repair

  • An employer provides an employee with a forgivable loan to help with the costs of owner-occupied home repair.
  • The loan is forgiven over a period of time as long as the employee meets agreed upon retention and performance obiligations.
  • If the employee fails to meet the agreed upon obligations, they must pay back the unforgiven loan balance, plus interest.

Outsourced Administration (Optional)

  • For organizations that do not wish to administer the employee benefits themselves, Benevate can provide program administration.
  • Program administration includes participant support, fund disbursement, fund reconciliation, forgivable loan management and collection procedueres (if necessary).

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