The company set up a Homebuyer Dream Fund
By Diego Flammini
Staff Writer
Farms.com
An Alberta agribusiness is helping its employees take important steps in their lives.
JBS Foods Canada has set up a $1.7 million Homebuyer Dream Fund to help members of its Brooks, Alta. staff put down payments on homes.
The fund is a pilot program through the company’s Hometown Strong program, which helps staff purchase or upgrade existing homes.
Eligible staff members can receive a $10,000 loan through the Homebuyer Dream Fund to be used towards a down payment. The zero-interest loan requires no payback over the first year and is repaid over four years through payroll deductions.
“The Dream Fund addresses a critical need of our workforce by removing barriers to purchasing an affordable home in our community,”David Colwell, president of JBS Foods Canada, said in a March 1 statement. “We are proud to offer this opportunity for many team members who may otherwise lack necessary resources to take that first step toward homeownership.”
To be eligible for a loan, an employee must:
- Commit to a minimum of two years of service,
- Be in good standing with the company, and
- Have a salary of $120,000 or below.
And the loans can only be applied to homes within 75km of the JBS facility in Brooks.
About 71 properties in Brooks are available for purchase, Remax Central Alberta says. The lowest price for a property is listed at $67,500 and the highest price is $2.81 million.
This brings the average price of a home in Brooks to about $351,000.
About 20km away, in Duchess, Alta., about 16 properties are available, with the average price of a home sitting around $215,000.
Having an employer like JBS help its staff become homeowners will have a domino effect on the community, said John Petrie, mayor of Brooks.
“I see this as a big economic boost for the area, which would be excellent for developers and the business community from the trades up,” he said in a statement. “I appreciate what JBS Foods Canada has shown in their commitment to their employees, the City of Brooks and the surrounding area.”