Employee Home Ownership Assistance
At Swedes, we're committed to improving our employees' lives and making our neighborhood a great place to live. One example of this is a special grant program developed by the SwedishAmerican Foundation to encourage employee homeownership in the six-block area surrounding our hospital campus.
Established in November 2004, this program includes a $5,000, five-year forgivable grant to employees in good standing-with no income restrictions, as well as a second $5,000 grant for low-income employees.
In addition to these grants, our Foundation also purchases houses near our campus, improves the property, and then makes the renovated homes available to employees at affordable prices. This program ensures that our employees can purchase homes with a solid roof, siding, plumbing, electrical, and a good working furnace.
To take advantage of our homeownership program, you must:
- Be a full-time employee of SwedishAmerican Health System in "good standing"
- Purchase a home within a certain radius of the main hospital campus (Rural - North, Woodruff - South, Longwood/7th - West, Prospect/ Garnier/14th - East)
- Be primary resident
- Stay in the home for five years (penalty is a 1/60th per month ($1,000 per year) return)
- Obtain your own financing
All homes owned by the Foundation and sold to an employee have a one-year warranty. (Additional discounts may apply.) Down-payment is payable to Title Company at closing. No funds are given to individuals. Down-payment is filed as earned income on employee's W2 ($1,000 per year for five years).
Homeownership education classes through Rockford Housing Coalition are available to employees wishing to purchase a home within the Dual Track area. Upon completion, additional funds (employee match program) may be available.