Yale's successful Homebuyer Program will be expanded to the West Rock and Fair Haven neighborhoods of New Haven beginning in January, University officials have announced.
Under the expansion, all six of the city's Empowerment Zone neighborhoods will be covered by the Homebuyer Program, which provides $25,000 over 10 years to Yale employees for home purchases.
In addition to Fair Haven and West Rock, the Homebuyer Program will continue to provide financial incentives to Yale employees who purchase homes in the Newhallville, Dixwell, Dwight and Hill neighborhoods. The program will also continue to include Beaver Hills, Wooster Square and a portion of the East Rock neighborhood.
"The Homebuyer Program has proven to be a strong incentive for our staff and faculty to live in New Haven," said President Richard C. Levin, who launched the program in 1994. "In extending the program for an additional two years, we wanted to include all six of the city's Empowerment Zones. We believe that combining the incentives of the Homebuyer Program with the city's efforts in each of its Empowerment Zone neighborhoods will provide the greatest benefit to our community."
Since its initiation in 1994, 591 Yale employees have purchased homes through the Homebuyer Program, contributing to the stabilization of neighborhoods. Program participants have purchased homes with a total value at the time of purchase of nearly $75 million, and the University's investment commitment has reached $13.7 million. More than 80% of purchasers have been first-time homebuyers.
The program provides $7,000 at the time of home purchase and nine additional annual payments of $2,000. About half of the homebuyers to date are unionized staff, and half are faculty and management and professional staff. Because the Yale incentive is the same regardless of the price of the home, the incentive represents a greater share of the cost of lower-priced homes.
The continuation of the Yale Homebuyer Program for an additional two years and its expansion to Fair Haven and West Rock, was approved by the Yale Corporation, the University's governing board. The newest phase of the Homebuyer Program will run from Jan. 1, 2004 to Dec. 31, 2005.
The program is administered by Yale's Office of New Haven and State Affairs. The director of the office, Vice President Bruce Alexander, had recommended the expansion of the program to the additional Empowerment Zone neighborhoods.
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