Yale has enhanced its Homebuyer Program for employees and extended it for another
two years, from Jan. 1, 2008 through Dec. 31, 2009.
T H I S
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.
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Homebuyer benefit increased
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Campus Notes
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