Colleges to help employees Buy Worcester Now

Worcester, MA - Four Consortium institutions are teaming up with the Commonwealth and the City of Worcester to help their employees buy local homes amidst a stagnant real estate market.

Assumption College, Clark University, College of the Holy Cross and Worcester Polytechnic Institute will aid first-time homebuyers through the Mass Housing Partnership's MassWorks program. MassWorks is an employer-assisted mortgage program that encourages employers to invest in their employee's home purchase by matching an employer contribution with state funds.

The MassWorks program coincides with Buy Worcester Now, a private-public program of low-interest loans and incentives recently launched by the City of Worcester to encourage the purchasing of homes within the city.

The four participating colleges will offer the following assistance to eligible employees:

Assumption College:

Through MassWorks, Assumption provides a matching contribution for eligible full-time employees of $2,500 combined with a $2,500 contribution from the Commonwealth for a total of $5,000 additional money towards the purchase of a home in the Worcester area. Employees can select from several different mortgage products offered by participating banks and lenders. Assumption has committed $10,000 towards this program.

Clark University:

All Clark full-time regular faculty and staff are eligible for a special incentive program if they purchase and reside in a home within a designated area in the neighborhood around the University. The program provides a $5,000 loan at the time of closing, forgivable at the rate of $1,000 per year of employment and residence, and currently for the next seven years after the purchase, an annual payment of 12 percent of base salary up to $4,000. Income eligible employees may also apply for a $5,000 grant through the MassWorks Program. Some of these participating employees may also be eligible for up to $10,000 in the City of Worcester's downpayment/closing cost assistance program, administered by the NeighborWorks HomeOwnership Center of Worcester.

College of the Holy Cross:

Employees at Holy Cross are eligible to apply for financing for the purchase of one of the new condominiums in a 12-unit complex supported by the College and located near the campus at Hacker and Cambridge streets in South Worcester. Holy Cross offers participating employees up to $5,000 of mortgage assistance, which can be matched by the Commonwealth if the employee utilizes the MassWorks Program. Some of these participating employees may also be eligible for up to $10,000 in the City of Worcester's downpayment/closing cost assistance program, administered by the NeighborWorks
HomeOwnership Center of Worcester.

Worcester Polytechnic Institute:

Worcester Polytechnic Institute (WPI) will help eligible employees with the purchase of their first home (eligibility requirements include income level and years of service). The MassWorks Program will increase a homebuyer's ability to buy a home in Worcester by combining a $2,500 contribution from WPI with a match of $2,500 from the Commonwealth. These funds will be combined with a fixed-rate first and second mortgage from a bank, thereby lowering monthly payments and increasing the homebuyer's purchasing power.