Yale Homebuyer Program Extended Through 2001

President Richard C. Levin announced today that Yale will extend its Homebuyer Program, which has already helped nearly 400 University employees buy houses in New Haven.

Yale will continue the program, through which the University offers $25,000 to faculty and staff who buy homes in designated city neighborhoods, for two more years, Levin said.

“Yale will continue to do its part to promote increased homeownership in New Haven,” Levin said. “We are pleased that so many of our employees are living in homes they purchased through the program. They are enjoying and adding to the quality of life in our city.”

Most participants bought their first home through the Homebuyer Program. “Helping to turn the dream of homeownership into a reality for many of our employees has been a strong focus of the program,” Levin said.

Yale launched the Homebuyer Program in 1994 as part of Levin’s New Haven Initiative, which has broadened Yale’s partnerships with the city in the areas of economic development, neighborhood revitalization and human development. Since its inception, the Homebuyer Program has accounted for 14 percent of the value of home sales in the city. Yale’s commitment to participating homebuyers is expected to total $10 million by the end of 2001.

All permanent Yale employees who work enough hours to qualify for benefits are eligible for the Homebuyer Program. Yale places no limit on the number of participants, nor are there restrictions tied to personal income or the purchase price of a home. Participants must purchase and occupy a one-, two-, or three-family house or condominium within the Homebuyer Program’s designated area.

The $25,000 homebuyer benefit consists of ten payments: an initial payment of $7,000 and nine annual payments of $2,000. Because the benefit is not tied to the purchase price of the home, it provides a larger share of the cost of lower-priced houses.

Of the 384 Yale homebuyers, 151 are clerical and technical workers, 101 are faculty, 81 are management and professional employees and 51 are service and maintenance personnel. More than half the homes purchased cost less than $100,000 and 291 are single-family homes, condominiums or co-ops.