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Employer Assisted Homeownership Programs

The Biltmore Company launches Biltmore Passport to Property

OnTrack Financial Education & Counseling is proud to announce a new partnership with The Biltmore Company which expands our Employer Assisted Homeownership Program. The Biltmore Company joins Mission Health System, leading our community with The Biltmore Passport to Property and Mission Home Help programs; each with one fundamental goal - to help make their employees’ dreams of homeownership a reality.

Ten years ago, Mission Hospital launched the first locally administered Employer Assisted Homeownership program in Asheville. Mission Hospital employees receive up to $2,500 of match money after they work with OnTrack WNC to complete personal financial counseling, homebuyer education, and money management education. OnTrack WNC also tracks employee savings and administers the matching funds. Mission’s nationally recognized program was the forerunner of employer-assisted homeownership programs in our community.

Since October 2006, 38 Mission employees have realized the dream of homeownership. Mission Hospital has provided $95,000 in match funds toward downpayment.  This represents over $6.6 million in local real estate investment.

In the summer of 2011, the timing was right for The Biltmore Company to launch their own matched savings program for homeownership. The Biltmore Passport to Property Program offers full-time employees the opportunity to save for homeownership, learn valuable skills for purchasing and keeping a home, and earn matched savings throughout the process in partnership with OnTrack WNC.

The Biltmore Company’s long-standing tradition of investing in the vitality of the Asheville community made the program a perfect fit. Bill Cecil, President and CEO of The Biltmore Company & Dini Cecil Pickering, Vice Chairman of The Biltmore Company’s Board of Directors enthusiastically support the program, “Just like our great-grandparents, we believe in giving back to the community and to our family of Biltmore employees. Owning your own home is one of the most rewarding accomplishments you can work toward, and we want to help with that process. The goal of our Biltmore Passport to Property Program is to strengthen the community by providing assistance toward home ownership, one step at a time.”

OnTrack WNC Board President Vicki Banks was instrumental in bringing the idea to the Biltmore Company, “Our most valuable resources are the people who provide exceptional guest service every day.  Although owning a home can sometimes feel out of reach, the Passport to Property program can make this dream attainable and Biltmore is more than happy to provide financial incentives to help those who strive for homeownership.”

Success Story: The combination of education, matched savings, and financial counseling makes all the difference in successful homeownership.  “If you are considering buying a house, this program will teach you about purchasing a home and –most importantly – budgeting,” says Betty White, Mission Home Help graduate and homeowner.  Working with OnTrack WNC, Betty learned the intricacies of smart budgeting, quickly uncovering where her family was losing money each month. This education gave her the ability not only to purchase her home, but also to be able to maintain and keep it. 

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“I never saw myself living in my own home . . .  I still get teary eyed when I pull into the driveway.” The practical budgeting tools, homeowner class, and downpayment match gave Betty just the boost she needed to feel financially independent; in addition to owning her own home, Betty currently saves more money as a homeowner than when she was a renter.  

 

Both Mission Hospital and The Biltmore Company believe in helping employees work toward financial self-sufficiency and know that one of the best ways to do this is to build assets through homeownership. OnTrack WNC is honored to be in partnership with these local companies to work together to fulfill our mission to help more people achieve financial independence in Western North Carolina.

If you are a Biltmore or Mission employee interested in learning more about the program, contact Joanna Bender, OnTrack WNC Financial Educator.

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Click here to learn more about our employer programs at OnTrack WNC.

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