University encourages city living

he University is encouraging faculty and staff to consider buying homes in the city by partnering with area banks to offer a variety of incentive programs--some offering as much as $6,000 toward closing costs--and sponsoring homebuying seminars.

"We are very pleased to see the University encouraging its own community to think about living in the city," says City Council President Lois Giess '63.

In a recent letter to full- and part-time employees, Ronald Paprocki, senior vice president for administration and finance, outlined incentives and upcoming presentations and endorsed the city-living concept.

"Especially as the only university or college based in the City of Rochester, we strongly endorse home ownership in the city," said Paprocki in the recent letter. "We hope that these incentives promote consideration of city living among our faculty and staff population."

While information on the these incentives is available directly from the banking institutions, faculty and staff interested in learning more about purchasing a home also are invited to attend upcoming seminars by the Home Store of the Urban League of Rochester, a nonprofit organization that advises individuals about homebuying techniques and procedures. To register for a seminar on one of the following dates, call the Benefits Office at x5-3696:

• Thursday, April 3, Medical Center, Whipple Auditorium (Rm. 2-6424), 7 to 9 p.m.

• Saturday, April 5, Medical Center,Whipple Auditorium (Rm. 2-6424), 9 to 11 a.m.

• Monday, April 7, River Campus, Hoyt Hall, 7 to 9 p.m.

The incentives offered by University banking partners include several options applicable to home purchases anywhere in the city while others focus particularly on low- or moderate-income areas. In some cases, the incentives are available only to those who do not now own homes and/or who earn less than a certain level of income. Each bank qualifies homebuyers according to its own guidelines.

The housing incentives include:

CitiBank

• Up to $6,000 in closing costs for new homeowners within the city; any funds left over can be used to "buy down" the mortgage rate

• $500 to all prospective homeowners for purchase/refinance anywhere in the Greater Rochester area

JPMorgan Chase

• Up to $3,500 toward closing costs to new homeowners who intend to occupy a residence in HUD-designated low- or moderate-income census tracts in the city and who have family incomes of $54,900 or less

• $500 off closing costs for any purchase or refinance transaction anywhere in the Greater Rochester area

Advantage Federal Credit Union

• $300 toward closing costs for an owner-occupied one- or two-family property anywhere in the city

M&T Bank

• $2,500 grant to assist with closing costs for any owner-occupied one- or two-family property in HUD-designated low- or moderate-income census tracts in the city

• Fixed interest rate over the life of loans, priced up to 1 percent below market rate, for purchases in the census tracts as described above

• $335 credit toward the application fee for a property anywhere in the Greater Rochester area.

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