Bank Home Loan Incentive Programs - PDF
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3 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 + 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).