President Richard C. Levin has announced that Yale will extend its Homebuyer Program, which has already helped over 730 University employees buy houses in New Haven.
Yale will continue the program -- through which the University offers $25,000 to faculty and staff who buy homes in designated city neighborhoods -- for a seventh, two-year phase through Dec. 31, 2007, Levin said.
"Yale continues to do its part to promote increased homeownership in New Haven," Levin said. "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. "Helping to turn the dream of homeownership into a reality for many of our employees has been a strong focus of the program," Levin said.
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 the areas of economic development, neighborhood revitalization and human development. Since its initiation, over 730 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 over $105 million, and the University's investment commitment has reached $17 million.
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 program includes many New Haven neighborhoods and all Empowerment Zone neighborhoods.
The program is administered by the Yale University Office of New Haven and State Affairs. For information, visit www.yale.edu/onhsa.
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