Case introduces home-buying assistance program for employees
Employer-Assisted Housing Program can benefit faculty, staff and Cleveland
Making good on its commitment to build community partnerships and contribute to the Cleveland renaissance, Case Western Reserve University is launching a new program that provides financial assistance to employees purchasing homes in the city.
Through its new Employer-Assisted Housing Program (EHP), Case will provide full-time, regular university employees up to $15,000 toward the purchase of a home near Case and up to $10,000 toward the purchase of a home anywhere in the City of Cleveland.
In addition, full-time, regular Case employees who already own houses in Cleveland may be eligible to receive up to $1,000 toward renovations.
The innovative partnership between Case, the City of Cleveland, University Circle Incorporated and other local community development corporations, in consultation with Fannie Mae, is partly the result of Case’s “Great Universities and Their Cities” colloquium. The conference last year focused on “town-gown” partnerships, and one breakout session focused on how universities can contribute to the revitalization of their cities, particularly through homebuyer programs.
“Case Western Reserve University has unveiled a proactive home buying assistance program for Case employees that provides critical financial support to open the door for homeownership and home repair opportunities in the adjacent University Circle neighborhood as well as neighborhoods throughout the City of Cleveland,” said Mayor Jane L. Campbell. “I invite other area community institutions and stakeholders to follow Case’s lead as we revitalize our City neighborhoods and build toward our 1,500 unit housing goal.”
The mayor joined Case in announcing the program today during the grand opening of and groundbreaking for two new Famicos Foundation developments, Heritage Lane Historic Homes and Heritage Lane Townhouses, respectively. These two developments in the 1400 block of East 105th Street feature 13 duplexes renovated into custom, single-family homes, one newly constructed single-family home and 12 new townhouses to be constructed.
“Case is pleased to offer this program that supports not only our employees, but also our city,” said Jacklyn J. Chisholm, Ph.D., Case associate vice president for community partnerships. “The program represents a true partnership between the university and several organizations and businesses that contributed to its development.”
In addition to Famicos, Case is working on EHP with the Consortium for Economic and Community Development, Fairfax Renaissance Development Corp., Glenville Development Corp., Little Italy Redevelopment Corporation, Living in Cleveland Center and Northeast Neighborhood Development Corp.
As part of EHP, Case is teaming with several lenders to offer reduced mortgage rates and special offers for employees. Case also is partnering with local realtors to help employees find eligible housing.
The highest EHP award is available to Case employees who buy homes in designated Cleveland wards 6, 7, 8 and 9. These neighborhoods, adjacent to campus, run roughly from the lakefront south to Euclid Avenue and from Chester, Payne and Superior avenues on the west to 131st Street on the east.
The $15,000 is provided over a six-year period, with the first installment of $7,500 to be paid into escrow and used as a down payment and/or for closing costs. The remaining five payments of $1,500 each are distributed annually.
Similarly, employees eligible for $10,000 will receive a first payment of $5,000 in escrow to be used as a down payment or to cover closing costs, with five payments of $1,000 each annually.
For more information on EHP, contact Case’s Human Resources department at 216-368-6781 or the Center for Community Partnerships at 216-368-3909.
About Case Western Reserve University
Case is among the nation's leading research institutions. Founded in 1826 and shaped by the unique merger of the Case Institute of Technology and Western Reserve University, Case is distinguished by its strengths in education, research, service, and experiential learning. Located in Cleveland, Case offers nationally recognized programs in the Arts and Sciences, Dental Medicine, Engineering, Law, Management, Medicine, Nursing, and Social Work. http://www.case.edu.