Sixteen years ago, the University of Rochester, in partnership with the City of Rochester, local lending institutions, and neighborhood partners, launched the University Home Ownership Incentive Program. This initiative was designed to help University employees become first-time homeowners by providing grants of $9,000 towards the down payment or closing costs for homes in specific historic neighborhoods near the University.
Given the program's success and the University’s dedication to community partnership with the City of Rochester, University President Sarah Mangelsdorf announced a significant expansion of the program. Starting August 1, 2024, the program will extend to include the purchase of a primary residence anywhere within the City of Rochester. Additionally, the financial incentive will increase from $9,000 to $20,000, supported by the University, City of Rochester, and four participating local lending institutions: Advantage Federal Credit Union, Canandaigua National Bank, Genesee Regional Bank, and KeyBank.
President Mangelsdorf stated, “The University Home Ownership Incentive Program has been instrumental in stabilizing and revitalizing some of the City’s historic neighborhoods, while helping our employees achieve home ownership. It’s a collaborative model that works, and we are grateful to have the City of Rochester and our local lending partners with us. This expansion is a testament to our shared goal of making Rochester a stronger community.”
Rochester Mayor Malik D. Evans added, “I commend the University of Rochester and our partner lending institutions for expanding this valuable program. As the City’s largest employer, the University’s commitment to its workforce and our city is commendable. This partnership supports the dream of home ownership and advances our goal of creating a safe, equitable, and prosperous Rochester.”
Under the enhanced program, the University, City of Rochester, and one of the partner banks or credit unions will now jointly provide $20,000 towards the mortgage costs of a first-time home purchase in the City of Rochester for closing dates on or after August 1, 2024. To qualify, the individual must remain a full-time or part-time University employee and retain the house as their primary residence for at least five years, with no repayment required. Additionally, the program now includes a household gross income requirement of less than $135,000 in 2022 for 2024 applications, making home ownership more attainable for many employees.
Program History and Impact
The University Home Ownership Incentive Program began with two financial lenders and saw seven local banks and credit unions participating by 2017. In its first two years, 120 employees utilized the program. As of this summer, over 560 employees have purchased homes through the program, with more than $1.6 million in financing incentives distributed.
Originally, the program focused on neighborhoods such as Highland Park, the 19th Ward, Plymouth-Exchange, and the South Wedge. In August 2017, additional regions like Beechwood, EMMA (East Main, Mustard & Atlantic Avenue), and Marketview Heights were included to encourage more employees to buy homes in areas with abundant public transportation and to align with the University’s partnership with East High and Connected Communities.
NeighborWorks Rochester, a community-based nonprofit, has been a key partner in the program since its inception, offering pre-purchase education, one-on-one counseling, and post-purchase education to buyers.
Commitment to the Rochester Community
President Mangelsdorf reaffirmed the University’s commitment to the City of Rochester in her October 2019 inauguration address, emphasizing that a vibrant Rochester is essential for the University’s success. This commitment is reflected in the University’s 2030 Boundless Possibility Strategic Plan, which highlights contributing to and benefiting from a just and vibrant City of Rochester and the region as a core belief.
The enhanced University Home Ownership Incentive Program is one of many ways the University contributes to the community. In 2021, as part of the Rochester-Monroe Anti-Poverty Initiative (RMAPI), Mangelsdorf raised the minimum wage for University employees to $15/hour, marking the University as the first local organization to do so.
Moreover, the University of Rochester Medical Center, the region’s only academic health center and Level 1 trauma center, provides critical care and services. Through its community health mission, the Medical Center offers important services and research to improve health outcomes and reduce disparities, including lead poisoning research, school-based health clinics, and dental services through the Eastman Institute for Oral Health’s SMILEmobile.
The University also enriches the educational and cultural environment of Rochester through numerous programs offered by the Eastman School of Music and the Memorial Art Gallery, many of which are free to the public.
The University of Rochester’s expanded Home Ownership Incentive Program underscores its dedication to fostering a vibrant and thriving Rochester community, supporting employees in achieving the dream of home ownership, and enhancing the city’s overall wellbeing.