Yale Bulletin and Calendar

January 21, 2000

Volume 28, Number 17

University extends Homebuyer Program

President Richard C. Levin has announced that Yale's Homebuyer Program, which has already helped 384 University employees purchase homes in New Haven, has been extended for two more years.

Through the program, the University offers $25,000 over 10 years to faculty and staff who buy and live in homes in designated city neighborhoods.

"As a resident and homeowner in New Haven for nearly three decades, and a believer in this city and its future, it gives me great pleasure to announce the University's continued commitment to making New Haven not only an exciting place to work, but also a place that our workforce will call home," Levin said.

"Yale will continue to do its part to promote increased homeownership in New Haven," Levin added. "We are pleased that so many of our employees are living in homes they purchased through the program. They are enjoying and adding to the quality of life in our city."

Most participants bought their first home through the Homebuyer Program, noted the President. "Helping to turn the dream of home ownership into a reality for many of our employees has been a strong focus of the program."

Yale launched the Homebuyer Program in 1994 as part of Levin's New Haven Initiative, which has broadened Yale's partnerships with the city in areas of economic development, neighborhood revitalization and human development. Since its inception, the Homebuyer Program has accounted for 14 percent of the value of home sales in the city. Yale's commitment to participating homebuyers is expected to total $10 million by the end of 2001.

All permanent Yale employees who work enough hours to qualify for benefits are eligible for the Homebuyer Program. Yale places no limit on the number of participants, nor are there restrictions tied to personal income or the purchase price of a home. Participants must live within in the house or condominium, which must be located within the Homebuyer Program's designated area.

The $25,000 homebuyer benefit consists of 10 payments: an initial payment of $7,000 and nine annual payments of $2,000. Because the benefit is not tied to the purchase price of the home, it provides a larger share of the cost of lower-priced houses.

Of the 384 Yale homebuyers, 151 are clerical and technical workers, 101 are faculty, 81 are management and professional employees and 51 are service and maintenance personnel. More than half the homes purchased cost less than $100,000 and 291 are single-family homes, condominiums or co-ops.

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