The University of Rochester, in collaboration with the city of Rochester, participating banks and other partners, is expanding a home purchasing program.
It began 16 years ago, and the idea was to give university employees who are first time home buyers an incentive to purchase a home in the city.
Previously the program provided grants of $9,000 for UR employees to go toward the down payment or closing costs for homes that were purchased in specific neighborhoods.
But now, that program is being expanded to include a home purchased anywhere in the city and the financial incentive has more than doubled, with a payment of $20,000.
The financial incentive is provided by UR, the city, and four local lending institutions: Advantage Federal Credit Union, Canandaigua National Bank, Genesee Regional Bank and KeyBank.
University of Rochester spokesperson Sara Miller says it’s hoped this will get even more of their employees interested in this program.
University President Sarah Manglesdorf said this program “has been a success story” in stabilizing and revitalizing some of Rochester’s most historic neighborhoods, and she said it also helps employees more easily realize the dream of home ownership.
Mayor Malik Evans said that as the city’s largest employer, “it is gratifying to see the university reinforce its commitment to its workforce and the city.”
University of Rochester spokesperson Sara Miller said it just made sense to expand the program right now, especially given the hot housing market.
“We know how competitive the Rochester real estate market is at this particular time, and so we think the financial incentive offered, the $20.000 financial incentive offered at this point, is going to be a real boost for first time homebuyers who are employees of the university,” said Miller.
UR officials said that as of this summer, more than 560 employees closed on a home, with more than $1.6 million in financing incentives having been dispersed.
Another new aspect of the program is that there is now a requirement the UR employee getting the incentive has a household income of less than $135,000. The impetus for that requirement is that it is hoped the incentive program will make first-time home ownership a reality for many UR employees who might otherwise consider it out of reach for them.
