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.
