New Program Offers First-time Homebuyers Up to $20,000 in Assistance Toward the Purchase of a House in the City of Rochester
Effective Aug. 1, 2024, the University of Rochester is expanding its popular Home Ownership Incentive Program. The program helps make the dream of homeownership a reality for university employees. Regular full-time and part-time faculty and staff, residents, and fellows are eligible.*
According to the University, approved recipients can receive up to $20,000 toward the first-time home purchase of a primary residence anywhere within the City of Rochester with a closing date of August 1, 2024, or later.† While there is no service requirement, the plan requires five-year occupancy and employment commitments from the buyer. Eligible faculty and staff whose total household gross income was less than $135,000 in 2022 may apply for calendar year 2024.
The University Home Ownership Incentive Program through Total Rewards provides new homeowners with:
- $10,000 from the University
- $5,000 from the City
- $5,000 from GRB as a participating mortgage provider ‡
The approval process for Home Ownership benefits may take up to four months. In addition, applicants may also be required to complete pre-purchase and post-purchase education classes at approved agencies.
“As a local community bank, GRB is proud to support the University of Rochester and the City of Rochester in this initiative,” said GRB’s Group Vice President, Residential Mortgage Manager Joseph A. Leone. “Down payment and closing costs can be a significant barrier for many first-time homebuyers. This program helps mitigate that issue and works toward the goal of increasing homeownership in the City of Rochester.”
Getting started
- Apply online with the University of Rochester (application will be available beginning on Thursday, Aug. 1, 2024) and the Office of Total Rewards will verify employment eligibility.
- Contact the City of Rochester for an application via email at [email protected].
- Discuss mortgage options with GRB or another participating program lender.
Other resources
- Find the home of your dreams in the City of Rochester by checking out the Celebrate City Living website.
- Use the University of Rochester’s interactive map to explore eligible neighborhoods.
* You are not eligible for the University Home Ownership Incentive Program if you are a postdoctoral fellow, postdoctoral research associate, postdoctoral teaching fellow, EDC Associate, or visiting faculty.
† Does not apply to current City homeowners whose primary residence is in the City.
‡ The loan is secured by a note and mortgage that obligate you to repay the loan to the University and create a lien against your home as security for your repayment obligation. The $10,000 loan becomes taxable when and to the extent that it is forgiven.