Yale Bulletin and Calendar

January 11, 2008|Volume 36, Number 14

Homebuyer benefit increased

Yale has enhanced its Homebuyer Program for employees and extended it for another two years, from Jan. 1, 2008 through Dec. 31, 2009.

The program was created in 1994 by President Richard C. Levin to encourage employees to invest and live in New Haven. The program provides homebuyers with a first-year incentive payment and an annual stipend for up to 10 years.

In this newest phase of the program, Yale is increasing the annual payment to each participant from $2,000 per year to $2,500. Together with a first-year incentive payment of $5,000, this is a total grant of up to $30,000 per employee homebuyer — making Yale’s the largest and most generous such employer-assisted homeownership program offered by any institution of higher education in the nation.

The number of Yale University employees who have brought homes through the program reached 835, as of Dec. 31, 2007. The Yale Homebuyer Program area includes all of the city’s Empowerment Zone neighborhoods — Dixwell, Dwight, Fair Haven, the Hill, Newhallville, West Rock — as well as Beaver Hills, Wooster Square and a portion of East Rock.

“I have lived in New Haven for more than 30 years, owning a home and raising my family,” said Levin. “The creation of the Homebuyer Program was one of the first things I did as president to signal Yale’s long-term commitment to our hometown. I am delighted that so many hundreds of faculty and staff colleagues have joined me as New Haven homeowners and have benefited from the financial support this program provides.”

Yale’s commitment to date of over $21 million of its own funds to the Homebuyer Program has yielded an investment of more than $130 million in residential purchases in the city by employee homebuyers. More than 80% of the Yale homebuyers are first-time homeowners, and nearly half of all participants are minority group members. Realtors report that the program is a factor in making New Haven attractive as a place to buy for both University employees and others.

In addition to the direct financial support, the University offers regular homeownership counseling seminars to employees. These educational programs, together with the Homebuyer Program benefit, have helped ensure that Yale University employee homebuyers avoid subprime mortgages and other lending problems.

“I am extremely excited about the increase of the Yale Homebuyer Program,” says New Haven Alderwoman Gina Calder who represents the Dwight neighborhood. “Homeownership is critical to stability and revitalization in neighborhoods like mine. It builds the economic base in our neighborhood, decreases transience and leads to greater involvement of our residents in our community. I applaud Yale University for its efforts to encourage neighborhood homeownership and strengthen our community.”

University employees wishing more information on how to access the Homebuyer Program can visit the website at www.yale.edu/hronline/hbuyer.

The Yale Homebuyer Program is one part of the University’s long-term community investment program in New Haven, which also includes extensive partnerships with the public schools citywide; development of retail, arts and culture in downtown New Haven; and the creation of new businesses that offer more jobs and tax revenue for the community. For more information on the University’s community investment program and partnerships with New Haven, visit www.yale.edu/onhsa.

Yale is also New Haven’s largest real estate property taxpayer because of a community investment program that has revitalized significant areas of town. Each year, the University pays the city more than $12 million in taxes, voluntary payments and fees — money that helps fund schools, safety and other services.

T H I SW E E K ' SS T O R I E S

University is increasing payout from endowment

Stern named to third term as dean of School of Architecture

Findings set stage for prevention of epilepsy

Antibody may delay development of diabetes

Scientists determine intricate process used in assembly . . .

Mutant gene identified as ‘villain’ in hardening of the arteries

Researchers find gene that protects newborns . . .

Yale Rep stages the world premiere of ‘The Evildoers’

Exhibit reveals the ways in which mathematics . . .

Advocates for universal preschools win Grawemeyer Award . . .

Two medical school researchers win awards . . .

Lewis Walpole Library celebrates re-opening with exhibition

Peabody to honor Martin Luther King Jr.’s legacy with festival

Stanton Wheeler, was musician, master, sociologist and sports fan

Change of venue for Waith memorial

Campus Notes