Yale Program Helps Employees Buy Homes

January 11, 2008 (PLANSPONSOR.COM) - A 13-year-old benefit program under which Yale University helps employees buy homes in New Haven, Connecticut, has been extended for another 24 months and beefed up, the university announced.

A Yale news release said its Homebuyer Program has been reauthorized through December 31, 2009, with annual payments increased from $2,000 to $2,500 for up to 10 years. Started in 1994, the program also includes a $5,000 first-year incentive.

According to the announcement, the program has helped 835 Yale University employees buy their homes in certain neighborhoods of the Connecticut town where Yale is based. In addition to the direct financial support, Yale offers regular homeownership counseling seminars to employees.

“I have lived in New Haven for more than 30 years, owning a home and raising my family,” said Yale University President Richard C. Levin. “The creation of the homebuyer program was one of the first things I did as president to signal Yale’s long-term commitment to our hometown. I am delighted that so many hundreds of my faculty and staff colleagues have joined me as New Haven homeowners and have benefited from the financial support we provide.”

Yale University’s commitment of over $21 million of its own funds so far to the Homebuyer Program has yielded an investment of more than $130 million in residential purchases in the city by employee homebuyers, the announcement said.