January 11, 2008
Yale increases benefit for homebuyer program
Yale University has increased the benefits of its homebuyer program for employees.
Yale President Richard C. Levin created the program in 1994 to encourage employees to invest and live in New Haven. The program provides homebuyers with a first-year incentive payment and an annual stipend for up to 10 years.
Yale is increasing the annual payment to each participant from $2,000 to $2,500. Along with a first-year incentive payment of $5,000, this is a total grant of up to $30,000 per employee homebuyer.
Yale says its program is the most generous employer-assisted homeownership program offered by any institution of higher education in the nation.
As of Dec. 31, 835 Yale employees have participated.
More than 80 percent are first-time homeowners and nearly half of all participants are minority group members.
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