U of R Expanding 1st-Time Homebuyers Program

The University of Rochester is expanding a program for its employees that provides grants to first-time homebuyers. The University Home Ownership Incentive Program was initially launched in 2017 and would provide $9,000 to its participants. In its start, the program had just two financial lenders and seven local banks/credit unions participating. As of this summer, the University said more than 560 employees have closed on a home through the program. The only stipulation was – only homes in select neighborhoods around Rochester, specifically near the university, were eligible. With this new expansion, beginning August 1 (2024), employees using the program will be able to buy a home anywhere in the city. It also raises the $9,000 grant limit to $20,000. University officials said as long as the person is a full-time or part-time employee of the university and owns the house as their primary residence for at least five-years – there is no requirement to pay this money back. U of R is working in partnership with the City of Rochester. Participating financial institutions include Advantage Federal Credit Union, Canandaigua National Bank, Genesee Regional Bank, and KeyBank.

Source: Rochester First