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E
UNIVERSITY
HOME OWNERSHIP
INCENTIVE PROGRAM
University of Rochester
Office of Human Resources
Benefits Office
601 Elmwood Ave., Box 636
Rochester, NY 14642-0001
Phone: (585) 275-2087
Fax: (585) 276-2783
www.rochester.edu/benefits/housing
+
An Equal Opportunity Employer
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.
FOR MORE DETAILED MAPS, GO TO
http://www.cityofrochester.gov/article.aspx?id=8589936674
AND SELECT CITY QUADRANT AND SECTOR MAP
INTERESTED?
HERE’S HOW TO GET STARTED
1. Contact the Benefits Office to verify employment
eligibility at (585) 275-2087.
CNB Mortgage Co., 63A Monroe Ave., Pitts., NY 14534
Licensed Mortgage Banker, NYS Banking Department
3 +
2. Contact the City and Advantage Federal Credit Union,
and/or Canandaigua National Bank & Trust, and/or
M&T Bank about their home incentive programs.
UNIVERSITY PUBLICATIONS 0239-1010PDF
Live Close to Work and Enjoy up
to $9,000 toward a City Home
in these charming and convenient neighborhoods.
closest to the River Campus and the Medical Center.
“We welcome this opportunity to encourage our
employees to live nearby and to contribute to the
explains University President Joel Seligman.
The University Home Ownership Incentive Program
Canandaigua National Bank & Trust, or M&T Bank.
33
University employees have long been attracted to the tree-
lined sidewalks and finely crafted houses in the historic
city neighborhoods that surround the University of Roch-
ester. Now employees have an added incentive for living
The University has teamed up with the City of Rochester,
Advantage Federal Credit Union, Canandaigua National
Bank & Trust, and M&T Bank to offer regular full-time
and part-time faculty and staff up to $9,000 toward the
purchase of a primary residence in the city neighborhoods
health and vibrancy of our neighboring communities,”
provides new homeowners in Sectors 4 and 6 of the city
with $3,000 from the University, $3,000 from the City,
and up to $3,000 from Advantage Federal Credit Union,
UNIVERSITY HOME OWNERSHIP INCENTIVE PROGRAM
Eligibility
Service Requirement
Amount
Form of Benefit
Primary Residency Requirement
Employment Requirement
Use of Money
Income Minimum/Maximum
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University of Rochester
Regular full-time and
part-time faculty and staff;*
New homeowner in Sector 4
or 6 of the City†
No
$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
Down payment or closing costs
No
City of Rochester
Regular full-time and part-
time University of Rochester
faculty and staff;
New homeowner in Sector 4
or 6 of the City†
No
$3,000 per mortgage
Grant that is forgiven over 5 years
if residency requirement
is satisfied
(see repayment chart below)
5 years
No
Down payment or closing costs
No
+
Advantage Federal Credit Union
Regular full-time and part-
time University of Rochester
faculty and staff;
New homeowner in Sector 4
or 6 of the City†
No
$3,000 per mortgage
Grant that is forgiven over 5 years
if residency requirement
is satisfied
(see repayment chart below)
5 years
No
Down payment, closing costs, or
escrow deposit
No
= HOME OWNERSHIP
Canandaigua National Bank
& Trust
Regular full-time and part-
time University of Rochester
faculty and staff;
New homeowner in Sector 4
or 6 of the City†
No
$2,500 per mortgage for moder-
ate-income-level tracts or $3,500
per mortgage for low-income-
level tracts (visit www.ffiec.gov to
confirm tract income levels) plus
additional $300 if obtaining a CNB
Optimum checking account
Forgivable grant
Yes
No
Down payment or closing costs
No
3 M & T Bank
Regular full-time and part-
time University of Rochester
faculty and staff;
New homeowner in Sector 4
or 6 of the City†
No
$3,000 per mortgage
Lender credit
Yes
No
Down payment or closing costs
No
The targeted areas are Sectors 4 and 6—primarily the NOTE: The current Mortgage Housing Incentive Program will continue (see www. REPAYMENT CHART
rochester.edu/benefits/housing).
19th Ward and Plymouth-Exchange on the west side and Time Elapsed 5-Year Repayment Percentage
1st month through 24th month 100%
Highland Park and the South Wedge on the east side * You are not eligible for the University Home Ownership Incentive Program if you are a
postdoctoral fellow, postdoctoral research associate, postdoctoral teaching fellow, EDC 25th month through 36th month 75%
(see map). There are no minimum or maximum income Associate, visiting faculty, or a part-time assistant coach. 37th month through 48th month 50%
† Does not apply to current City homeowners whose primary residence is in the City. 49th month through 60th month 25%
requirements, but the plan requires five-year occupancy 61st month 0%
‡ The loan is secured by a note and mortgage that obligate you to repay the loan to the
and employment commitments from the buyer. University and create a lien against your home as security for your repayment obligation. The benefit is provided through a non-interest bearing loan that is forgiven if the
The $3,000 loan becomes taxable when and to the extent that it is forgiven. requisite employment and residency requirements are satisfied. If you do not
satisfy the requisite employment and residency requirements, you must repay the
The program also offers home ownership education and loan. The loan will remain as a lien against your home until it is repaid.
counseling through NeighborWorks® Rochester, a non-
profit agency that gives fee-based information sessions on
>
how to purchase, maintain, budget, and insure a house.
To receive the University’s or City’s benefit, you must finance the purchase The closing process for Home Ownership benefits may take up to four
of your home through Advantage Federal Credit Union, Canandaigua months. To be eligible for the City of Rochester’s grant, first-time home
For more information on city living, visit: National Bank & Trust, or M&T Bank and be approved for the City of buyers are required to complete pre-purchase and post-purchase educa-
www.rochestercityliving.com Rochester’s Employer Assisted Housing Initiative (EAHI). tion classes administered by NeighborWorks® Rochester, a community-
based nonprofit agency devoted to strengthening city neighborhoods.
www.nwrochester.org Please Note: If you are interested in a mortgage through the State of New Certificates of class completion from other City of Rochester–approved
York Mortgage Agency (SONYMA), you are not eligible to participate in the agencies also may serve to meet this requirement (contact the City for
University Home Ownership Incentive Program. confirmation of approved agencies).
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