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Yale Extends Homebuyer Program
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Business New Haven
12/22/2003
By: BNH
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NEW HAVEN - Yale University announced December 9 that its Homebuyer Program will be expanded to the West Rock and Fair Haven neighborhoods of New Haven beginning next month.
Under the expansion, all six of the city's Empowerment Zone neighborhoods will now be covered by the Homebuyer Program, which provides $25,000 over ten 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 city's 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 Yale President Richard C. Levin of the nine-year-old initiative. "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," he added.
Since the program's inception in 1994, 591 Yale employees have purchased homes through the Homebuyer Program. Participants have purchased homes with a total value (at closing) of nearly $75 million, while Yale's investment commitment has reached $13.7 million, according to university officials. More than 80 percent of purchasers have been first-time homebuyers.
The program provides $7,000 at the time of 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. University officials point out that 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.
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