 | Shawn Webb, account assistant in Patient Financial Services at the School of Medicine, is one of the University employees who purchased a house in June, putting the Yale Homebuyer Program over the 500-participant mark. She is pictured outside her Huntington Street home with her two children, Rebecca and Edward. |
The Yale Homebuyer Program marked another major milestone in June, reaching and surpassing the 500-participant mark.
Established in 1994 by President Richard C. Levin, himself a longtime New Haven resident, the employee benefit program offers Yale staff and faculty $25,000 over 10 years to purchase and live in homes in designated neighborhoods in the city.
The initiative -- part of Yale's neighborhood revitalization efforts -- is the most generous homeownership benefit program offered by any university, as well as the most widely used such program. Many of the Yale employees who have taken advantage of the program are first-time homeowners and are minorities.
Since the program's inception, Yale employees have purchased homes in New Haven with a total value of over $56 million, accounting for about 10% of all home purchases in the city. To date, Yale has invested almost $12 million in the program.
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