Campus News

New Program Will Help Employees Buy Homes in Albany’s Midtown Area

(September 22, 2005)

If you are a house hunter and an employee at the University at Albany, you may want to consider buying a home in the city of Albany’s Midtown area.

UAlbany, through the University at Albany Foundation, is investing $50,000 to assist full-time employees who purchase homes in Albany’s Midtown neighborhood zone. This is part of an unprecedented neighborhood investment effort developed by the city of Albany with the University, five colleges and a major bank.

“This is truly a win-win program. It will benefit our employees as it makes our neighborhoods and our own institution stronger,” said President Kermit L. Hall, in announcing UAlbany’s participation in the Employer-Assisted Homeownership Program. An event to kick off and explain the program was held Sept. 12 at the Campus Center. More than 50 University employees attended.

UAlbany will make $5,000 assistance packages available to 10 full-time employees who qualify first in meeting the program criteria. This assistance for down payment and closing costs will be treated as a grant as long as certain conditions are met. Through a major bank, there is a similar program available to UAlbany’s part-time employees.

Together, the University, five other college partners, and Citizens Bank will invest more than $600,000 in homeownership assistance in the Midtown neighborhood zone.

For information on how to apply for the program, contact Georgette Steffens, Albany HomeStore Director who is working with each college, at (518) 434-2532 ext. 27 or [email protected].