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Yale-New Haven Hospital
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New Haven, CT
06510-3202
Yale-New Haven Hospital news release
Release date: July 24, 2006
Media contact: Rob Hutchison, (203) 688-2488
Yale-New Haven Hospital launches first-time home buyer program for employees
NEW HAVEN — Yale-New Haven Hospital (YNHH) has announced a new program offering assistance to hospital employees who are first-time home buyers. The new Home Ownership Made Easier (H.O.M.E.) program provides eligible full-time employees up to $10,000 in forgivable five-year loans, as well as other incentives and home buying support, when they purchase a home in the city of New Haven. The hospital will pay down the amount of the loan if the employee continues to work at YNHH and live in the home for five years.In addition, hospital employees who purchase a home in one of four New Haven neighborhoods – the Hill, Dwight, West River and City Point – will be eligible for a $200 a month mortgage subsidy for the first two years of their home ownership. These four neighborhoods are adjacent to the YNHH campus.
"Our employees are our most valuable asset at Yale-New Haven Hospital, and New Haven is our home. So it is logical to invest in initiatives like the H.O.M.E. program that helps both our employees and our community," said Marna P. Borgstrom, president and CEO of YNHH.
YNHH has been recognized for being an exceptional place to work by numerous national organizations and publications such as AARP, Working Mother magazine, Family Digest and the National Association of Female Executives (NAFE). The hospital’s exceptional benefit package is often cited by the organizations for recognizing YNHH as an employer of choice.
The Yale-New Haven H.O.M.E. program will also offer homebuyer education on home financing, house selection, property maintenance and rehabilitation. NewAlliance Bank, YNHH’s partner in the H.O.M.E. program will offer homebuyer classes in addition to competitive, below-market interest rate mortgages to participants. Additionally, counseling and technical assistance will be provided by community housing agencies, including the Hill Development Corporation (HDC).
"Helping families purchase their first home is helping them achieve the American dream," added David Alvarado, executive director of HDC. "We’re delighted to partner with Yale-New Haven Hospital in this important initiative that will certainly help spur economic growth in the Hill neighborhood and throughout New Haven."
YNHH is committed to providing valuable community resources including health care programs, educational outreach, and housing initiatives to the city of New Haven. The hospital recently committed to invest more than $1.2 million in housing and economic development programs in the neighborhoods surrounding its campus.
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Last revised: July 24, 2006 (dh)
