As of January 11, 2007, 774 have participated in the Homebuyer Program representing a financial commitment by the University of over $18.2 million toward home purchases of more than $118.4 million.
 
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Yale Extends Homebuyer Program to West Rock and Fair Haven Neighborhoods

New Haven, Conn. -- Yale's successful Homebuyer Program has been expanded to the West Rock and Fair Haven neighborhoods of New Haven beginning in January.

Under the expansion, all six of the city's Empowerment Zone neighborhoods are 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, nearly 725 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 $105 million, and the University's investment commitment has reached $17 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 January 1, 2006 to December 31, 2007.

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.

New Haven Homebuyer Program - background

The Homebuyer Program has already helped over 725 University employees buy houses in New Haven.

The Yale Homebuyer Program is the first time any Yale University benefit program has been directed especially to encourage faculty and staff to buy and live in New Haven.

The initial city-wide Homebuyer Program begun in 1994, provided 230 Yale employees with a $20,000 benefit over 10 years to assist them in buying homes in New Haven.

A second Homebuyer Program - Phase II begun in January 1996 and ended on December 31, 1997, provided an additional 54 Yale employees the opportunity for home ownership within the heart of the city. Yale University continued to encourage faculty and staff to buy homes in the city.

Under Phase II, the University provided a $24,000 benefit over 10 years including a one-time bonus payment of $4,000 in the first year. The designated area located on the West side of the campus included roughly from the Yale campus on the east (York St, Church St. South, Prospect St.,) to I-95 south, Ella T. Grasso Blvd west and north to the Hamden town line.

Under Phase III, January 1998 through December 31, 1999, the University provided a $25,000 benefit over 10 years including a one-time bonus payment of $5,000 in the first year which may be used at the closing. The designated areas have been expanded to include roughly from the Yale campus to Ella T Grasso Blvd on the West. Phase III, has expanded the adjacent. Phase II area to include the entire Beaverhill Section of New Haven. Homes located on Streets between Ella Grasso Blvd and Whalley to Fitch Street and Whalley Ave. back to the Hamden town line are included in addition to the former Phase II designated area. Also, two new areas have been added on the East side of the campus: (1) The lower East Rock section which includes homes located on streets between Orange and State Streets (but not including Orange St.) from Audubon St. to Mitchell; and (2) The area known as the Wooster Square area which includes homes located on Olive St. back to the surrounding interstate highway or highway connectors. Phase IV from 2000 to 2001 added a number of streets which continued to be reflected in Phase V, which extended the program another two years.

Click here to learn how the program works

If you are buying a home in New Haven within the program's designated area, contact Bill Carney, manager of the Homebuyer Program at (203) 432-5535 to ensure your benefit application and documentation has been received and reviewed for payment approval. Please fax documentation: Sales Contract, Benefit Application Form, and Closing Settlement Statement paperwork to: (203) 432-5536.

Alphabetical listing of eligible home locations and Map.