Homes will become significantly more affordable for working families in Hancock, Harrison and Jackson counties this summer with the roll out of the Gulf Coast Renaissance Corporation’s REACH Mississippi program.
The REACH program moved one step closer to reality in April when Gov. Haley Barbour signed into law House Bill 1482. The REACH Mississippi Bill will provide tax relief to working families with incomes below 120 percent of the area median income by allowing them to exclude certain funds from employer-assisted housing (EAH) programs from their taxable income.
REACH is a Regional Employer Assisted Collaboration for Housing program that, pending final contract approval with the State, will provide three-to-one matches to employer contributions for qualified workers. Employees purchasing a home in any of the three coastal counties may qualify for up to $30,000 in down payment assistance in the form of silent and forgivable loans.
Renaissance is piloting the REACH program with Northrop Grumman Shipbuilding, but any employer – large or small – may participate. And with the passage of this bill, public sector employees will now also be allowed to take part. The program offers workers a unique benefit and allows employers to make a valuable contribution to the recovery and sustainability to their surrounding communities.
“The REACH Mississippi Program is truly an example of partnership at its best. Businesses, nonprofits and governmental agents have come together in an exceptional way to assist thousands of working families in South Mississippi,” said Renaissance CEO Laura Davis. “The Gulf Coast Renaissance Corporation is honored to be the sponsor of this program. “
Interested employers should contact REACH Program Director Camille Schafer as soon as possible to set up their internal EAH program and processes. Renaissance is planning to hold employer workshops in the near future, as well as seminars for mortgage lenders, builders and realtors.
For more information, contact Camille at 896-3386 or cschafer@msgcrc.com.
