yalecityNEW HAVEN: Yale University is extending The Yale Homebuyer Program, for another two years, through Dec. 31, 2019.

The program that gives permanent Yale University employees working 20 or hours or more a week a substantial income benefit if they purchase a home to own and occupy in designated areas in the city.

The program was first established in 1994, provides up to a $30,000 total benefit to participants: a $5,000 first-year bonus and an annual $2,500 grant for up to 10 years to university faculty and staff as long as they continue to own and live in the home and remain employed by Yale.

According to the University, 1,221 Yale faculty and staff have benefited from the program since its inception. They have purchased homes with a total market value at time of purchase of more than $237 million and have benefited from $31 million provided by Yale since 1994.

A Yale release says that “since the program’s inception, 29% of homebuyers have been faculty, 30% clerical and technical staff, 14% service and maintenance staff, and 27% management and professional staff. The neighborhoods covered in the program — Beaver Hills, Dixwell, Dwight, East Rock, the Hill, Newhallville, and West Rock — continued to attract Yale homebuyers during the most recent two-year phase.

Yale President Peter Salovey a long term New Haven resident himself said “it is wonderful that so many members of Yale’s faculty and staff live in Yale’s vibrant host city, and I look forward to more of our colleagues becoming homeowners in New Haven.”