Updated: May 1, 2008 - new total:
850 Homebuyer participants
University Enhances Employee Homebuyer Program
New Haven, Conn.—Yale University has enhanced its highly successful Homebuyer Program and extended it for another two years, from January 1, 2008 through December 31, 2009.
The Yale University Homebuyer Program was created 1994 by President Richard C. Levin to encourage employees to invest and live in New Haven. It is reviewed every two years and has had great success in the fourteen years since it began, helping 842 Yale University employees purchase their homes. Yale University’s program is the largest and most generous such employer-assisted homeownership program offered by any institution of higher education in the nation.
Phase 8 of the Yale Homebuyer Program increases the annual payment to each participant from $2,000 per year to $2,500 for up to ten years total, together with a first-year incentive payment of $5,000 for a total grant of up to $30,000 per employee homebuyer.
As of December 31, 2007, 835 Yale University employees had bought homes through the program. The Yale University 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. Its success is a strong affirmation by the University and its employees in the vitality and renaissance of New Haven.
“I have lived in New Haven for more than 30 years, owning a home and raising my family,” said Yale University President Richard C. Levin. “The creation of the homebuyer program was one of the first things I did s president to signal Yale’s long-term commitment to our hometown. I am delighted that so many hundreds of my faculty and staff colleagues have joined me as New Haven homeowners and have benefited from the financial support we provide.”
Yale University’s commitment of over $21 million of its own funds so far 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 University homebuyers are first-time homebuyers 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 Yale University employees and others.
In addition to the direct financial support, Yale University offers regular homeownership counseling seminars to employees. These education 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 Phase 8 and 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.
The Yale University Homebuyer Program is one part of the University’s long-term community investment program with New Haven, which also includes extensive programs with the public schools citywide; development of retail, arts, and culture in downtown; the creation of new businesses with more jobs and taxes for the community. For more information on Yale University’s community investment program and partnerships with New Haven, please visit www.yale.edu/onhsa
Yale University is also New Haven’s largest real estate property taxpayer because of its community investment program that has revitalized significant areas of town. Each year, Yale University pays the City more than $12 million in taxes, voluntary payments, and fees – funds to the city government that helps fund schools, safety, and other citizen services.
