New Haven Homebuyer Program
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.
The Homebuyer Program has already helped over 774 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.
