Yale and Neighborhood Revitalization: Increasing Homeownership
Homeownership is essential to stabilize neighborhoods and help families create wealth. Affordable homeownership helps neighborhoods retain prospering families, support existing residents, and attract new residents. Yale has partnerships with community groups in neighborhoods such as Dwight, Dixwell, and the Hill, among others, to increase homeownership and economic development.
To encourage increased homeownership, Yale established the Yale Homebuyer Program in 1994. It offers any regular Yale employee - from faculty to maintenance to clerical to management - $25,000 ($5,000 at closing and $2,000 annually for ten years) to purchase a home in several neighborhoods. The Yale Homebuyer Program has had a marked impact on the number of home purchases in New Haven:
- Yale has funded more than 1,300 employees who purchased homes since 1994.
- 80% in recent years are first-time homebuyers.
- Yale’s commitment of $35 million yields over $268 million in home sales.
Since 1990, in addition to its homebuyers program, Yale has contributed over $40 million to economic development initiatives including providing funds to the Economic Development Corporation of New Haven, Start Community Bank, Science Park, and our Broadway and Chapel Street community investment programs.