Genesee Regional Bank

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GRB Participating in University of Rochester Benefits Program Encouraging City Home Ownership

Stacey Michaels Tuesday, February 16, 2016 GRB News

GRB Participating in University of Rochester Benefits Program Encouraging City Home Ownership

We are pleased to announce that GRB will begin offering funding to University of Rochester employees who are eligible for the University Home Ownership Incentive Program, a benefits program aimed at encouraging regular full-time and part-time faculty and staff members to purchase a primary residence in the city neighborhoods closest to the university’s River Campus and Medical Center.

The University Home Ownership Incentive Program offers eligible buyers $3,000 each from the University of Rochester, the City of Rochester and a participating bank or credit union, for a total of $9,000 in incentives for purchasing a home in sectors 4 and 6, encompassing primarily the 19th Ward and Plymouth-Exchange on the west side and Highland Park and the South Wedge on the east side. GRB funds may be used toward closing costs or interest rate buy-down. More than 350 homes have been purchased through the University Home Ownership Incentive Program since it was launched in 2008.

“Our mission has always been to help grow Rochester, and this program offers an opportunity to help fulfill that with our partners at the University of Rochester and the City of Rochester,” said Phil Pecora, president and CEO of GRB. “Home ownership provides an important foundation for our community and we are pleased to be involved in a program that helps develop stronger roots in these historic city neighborhoods.

“I’m extremely pleased that the University Home Ownership Incentive Program is growing with the addition of Genesee Regional Bank,” said Holly Crawford, University senior vice president for administration and finance and CFO. “Since the program’s founding in 2008, more than $1 million in financial incentives have helped University of Rochester regular full-time and part-time faculty and staff achieve the dream of homeownership in our nearby historic 19th Ward and South Wedge city neighborhoods, with more than 350 mortgages supported.”

University of Rochester employees interested in participating in this benefits program must contact the Benefits Office at 585-275-0476 before they apply for a loan. Click for more information on the University Home Ownership Incentive Program.