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Norton Healthcare and Habitat for Humanity of Metro Louisville
Partner in Employer Assisted Housing Program; First in the Nation
LOUISVILLE, KY.: (August 26, 2008): On Wednesday, Aug. 27 at 10 a.m. Norton Healthcare and Habitat for Humanity of Metro Louisville will announce a partnership to provide Norton Healthcare employees the option of buying a Habitat for Humanity home through the Norton Healthcare Employer Assisted Housing Program. This is the first partnership of its kind in the nation. The announcement will be held in the Norton Hospital Auditorium, 200 E. Chestnut Street, second floor.
Currently, Norton Healthcare’s Employer Assisted Housing Program provides employees with a one-time, unsecured, four-year, forgivable $5,000 loan for a down payment on a home or closing costs associated with a home purchase. Employees must be first-time home buyers and must have an annual salary of $50,000 or less. The loan is forgiven at the rate of $1,250 per year as long as the borrower remains a “benefits eligible” employee of Norton Healthcare and continues to be the owner-occupant of the home.
The new partnership with Habitat for Humanity expands the program and makes home ownership possible for Norton Healthcare employees who may not qualify for mortgage loans from traditional lenders.
“Habitat for Humanity of Metro Louisville is proud to partner with Norton Healthcare to make a firm commitment to Housing and to recognize Homeownership as a significant means of stability and holistic health for our entire community,” said Rob Locke, executive director, Habitat for Humanity of Metro Louisville.
Closing costs associated with purchasing a Habitat for Humanity home are only $1,300; therefore, the remaining $3,700 of Norton Healthcare’s contribution can be used to pay down the mortgage, resulting in a lower monthly payment for the home buyer, according to Locke.
“Home ownership is a dream for many people,” said Stephen A. Williams, president and chief executive officer, Norton Healthcare. “I’m pleased that Norton Healthcare, with the help of Habitat for Humanity of Metro Louisville, is able to help make that dream come true for even more of our valued employees.”
About Norton Healthcare
For more than a century, Norton Healthcare’s faith heritage has guided its mission to provide quality health care to all those it serves. Today, Norton Healthcare is the Louisville area’s leading hospital and health care system (44 percent market share) and third largest private employer. The not-for-profit system includes four large hospitals in Louisville with a fifth under construction, 10 Norton Immediate Care Centers, 9,800 employees, 283 employed medical providers at more than 50 locations, and nearly 2,000 total physicians on its medical staff. Norton Healthcare serves patients in the Louisville Metro area, including Southern Indiana, and throughout Kentucky.
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Information Downloads
Program Details Document (.doc)
Participant Flow Chart (.ppt)
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