University Home Ownership Incentive Program - University of Rochester

UNIVERSITY HOME OWNERSHIP INCENTIVE PROGRAM 12

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Live Close to Work and Enjoy $9,000 toward a City Home University employees have long been attracted to the treelined sidewalks and finely crafted houses in some of the city’s most historic neighborhoods. To assist with the dream of home ownership in these charming and convenient areas, the University of Rochester teams up with the City of Rochester and several banks and credit unions to offer regular full-time and part-time faculty and staff $9,000 toward the purchase of a primary residence in these city neighborhoods (see map). “We welcome this opportunity to support our employees who live near our University and in neighborhoods that we are supporting as part of a community-wide revitalization effort,” said University President and CEO Joel Seligman. “This is an important way to support the City of Rochester.”

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The University Home Ownership Incentive Program provides new homeowners in these city neighborhoods with $3,000 from the University, $3,000 from the City, and $3,000 from a participating bank/credit union.

1 19th Ward

8 South Wedge

2 Genesee-Jefferson

9 Highland Park

3 Plymouth-Exchange

10 Beechwood

4 Mayor’s Heights

11 E.M.M.A.

5 Bull’s Head

12 Marketview Heights

6 Upper Mount Hope

13 Greig Square at Corn Hill

7 Swillburg

INTERESTED? HERE’S HOW TO GET STARTED Contact the Benefits Office to verify employment eligibility at (585) 275-7013. Contact the City for an application and discuss mortgage options with a participating bank/credit union. For a more detailed map of qualifying city neighborhoods, visit www.rochester.edu/benefits/housing.

There are no maximum income requirements, but the plan requires five-year occupancy and employment commitments from the buyer. The approval process for Home Ownership benefits may take up to four months and may require completion of pre-purchase and post-purchase education classes at approved agencies. For more information on city living, visit www.celebratecityliving.com www.nwrochester.org

$3,000 per mortgage

Grant that is forgiven over 5 years if residency requirement is satisfied (see repayment chart below)

Down payment or closing costs

$3,000 per mortgage

Loan that is forgiven over 5 years if residency and employment requirements are satisfied‡ (see repayment chart below)


5 years

5 years

Amount

Form of Benefit

Use of Money

Primary Residency Requirement

Employment Requirement No

‡ The loan is secured by a note and mortgage that obligate you to repay the loan to the University and create a lien against your home as security for your repayment obligation. The $3,000 loan becomes taxable when and to the extent that it is forgiven.

† Does not apply to current City homeowners whose primary residence is in the City.

* You are not eligible for the University Home Ownership Incentive Program if you are a postdoctoral fellow, postdoctoral research associate, postdoctoral teaching fellow, EDC Associate, visiting faculty, or a part-time assistant coach.

EOE Minorities/Females/Protected Veterans/Disabled The University reserves the right to modify, amend, or terminate the plans at any time, including actions that may affect coverage, cost-sharing, or covered benefits, as well as benefits that are provided to current and future retirees.

50% 25% 0%

49th month through 60th month 61st month

The benefit is provided through a non-interest-bearing loan that is forgiven if the requisite employment and residency requirements are satisfied. If you do not satisfy the requisite employment and residency requirements, you must repay the loan. The loan will remain as a lien against your home until it is repaid.

75%

100%

5-Year Repayment Percentage

No

Yes

37th month through 48th month

No

Yes

Closing costs or interest rate buydown

25th month through 36th month

1st month through 24th month

Time Elapsed

REPAYMENT CHART

No

5 years


Down payment, closing costs, or escrow deposit

Licensed Mortgage Banker, NYS Banking Department

No

Yes


Lender credit

$3,000 per mortgage

Regular full-time and part-time faculty and staff;* New homeowner in qualifying City neighborhoods†

Five Star Bank

CNB Mortgage Co., 63A Monroe Ave., Pitts., NY 14534

No

Yes

Closing costs, prepays, or interest rate buy-down

Gift

$3,000 per mortgage

$3,000 per mortgage for low- or moderateincome-level tracts (visit www.ffiec.gov to confirm tract income levels)

$3,000 per mortgage for low- or moderateincome-level tracts (visit www.ffiec. gov to confirm tract income levels)

Lender credit


Regular full-time and part-time faculty and staff;* New homeowner in qualifying City neighborhoods (except Greig Square at Corn Hill)†


Forgivable grant

Citizens Bank

Chase

Canandaigua National Bank & Trust

Grant that is forgiven over 5 years if residency requirement is satisfied (see repayment chart below)

$3,000 per mortgage


Advantage Federal Credit Union

To receive the University’s or City’s benefit, you must finance the purchase of your home through a participating bank/credit union and be approved for the City of Rochester’s Employer Assisted Housing Initiative (EAHI).

(No Service Requirement)

5 years



Eligibility

City of Rochester

University of Rochester

UNIVERSITY HOME OWNERSHIP INCENTIVE PROGRAM PARTICIPATING BANKS/CREDITS UNIONS

No

Yes

Closing costs or interest rate buy-down

Lender credit

$3,000 per mortgage

Regular full-time and part-time faculty and staff;* New homeowner in qualifying City neighborhoods (except Greig Square at Corn Hill)†

Genesee Regional Bank

No

Yes


Lender credit

$3,000 per mortgage


M & T Bank