Home Ownership Incentive Program
We are excited to announce that the Home Ownership Incentive Program has expanded and now provides a financial increase, raising the amount from $9,000 to $20,000.
To assist with the dream of homeownership, the University has teamed up with the City of Rochester and several banks/credit unions to offer regular full-time and part-time faculty and staff, residents, and fellows* $20,000 toward the first-time home purchase of a primary residence anywhere within the City of Rochester with a closing date of August 1, 2024, or later.† There is no service requirement, but the plan requires five-year occupancy and employment commitments from the buyer. Eligible faculty and staff whose total household gross income was less than *$150,000 in 2023 may apply for Calendar Year 2025.
The University Home Ownership Incentive Program through Total Rewards provides new homeowners with:
- $10,000 from the University
- $5,000 from the City
- $5,000 from a participating bank/credit union ‡
The approval process for Home Ownership benefits may take up to four months and may require completion of pre-purchase and post-purchase education classes at approved agencies.
The City of Rochester map
The above map should be used as a general reference only. View an interactive version of the map here. If a property is bordering a non-City neighborhood, please contact the City at (585) 428-6888 to confirm that a property is eligible.
If you are buying a home outside the City of Rochester, check out the Mortgage Housing Incentive Program below in the resources section.
Participating banks and credit unions
Eligibility: Regular full-time and part-time faculty and staff, residents and fellows;* new homeowner within the City of Rochester†
Amount: $10,000 per mortgage
Form of benefit: Loan that is forgiven over 5 years if residency and employment requirements are satisfied‡ (see repayment chart below)
Use of money: Down payment or closing costs
Primary residency requirements: 5 years
Employment requirement: 5 years
Eligibility: Regular full-time and part-time faculty and staff, residents and fellows;* new homeowner within the City of Rochester†
Amount: $5,000 per mortgage
Form of benefit: Grant that is forgiven over 5 years if residency requirement is satisfied (see repayment chart below)
Use of money: Down payment or closing costs
Primary residency requirements: 5 years
Employment requirement: No
Eligibility: Regular full-time and part-time faculty and staff, residents and fellows;* new homeowner within the City of Rochester†
Amount: $5,000 per mortgage
Form of benefit: Grant that is forgiven over 5 years if residency requirement is satisfied (see repayment chart below)
Use of money: Down payment, closing costs, or escrow deposit
Primary residency requirements: 5 years
Employment requirement: No
Eligibility: Regular full-time and part-time faculty and staff, residents and fellows;* new homeowner within the City of Rochester†
Amount: $5,000 per mortgage
Form of benefit: Forgivable grant
Use of money: Down payment or closing costs
Primary residency requirements: Yes
Employment requirement: No
Eligibility: Regular full-time and part-time faculty and staff, residents and fellows;* new homeowner within the City of Rochester†
Amount: $5,000 per mortgage
Form of benefit: Lender credit
Use of money: Closing costs or interest rate buy-down
Primary residency requirements: Yes
Employment requirement: No
Eligibility: Regular full-time and part-time faculty and staff, residents and fellows;* new homeowner within the City of Rochester†
Amount: $5,000 per mortgage; tract must be Majority Minority Tract or Majority Minority Tract AND Low-and Moderate Income Tract, dependent upon location (visit ffiec.gov to confirm tract income levels).
Form of benefit: Lender credit
Use of money: Closing costs or interest rate buy-down
Primary residency requirements: Yes
Employment requirement: No
Repayment chart
The benefit is provided through a non-interest-bearing loan that is forgiven if the requisite employment and residency requirements are satisfied. If you do not satisfy the requisite employment and residency requirements, you must repay the loan. The loan will remain as a lien against your home until it is repaid.
| Time elapsed | 5-year repayment percentage |
| 1st month through 24th month | 100% |
| 25th month through 36th month | 75% |
| 37th month through 48th month | 50% |
| 49th month through 60th month | 25% |
| 61st month | 0% |
To receive the University’s or City’s benefit, you must finance the purchase of your home through a participating bank/credit union and be approved for the City of Rochester’s Employer Assisted Housing Initiative (EAHI).
EOE Minorities/Females/Protected Veterans/Disabled
The University reserves the right to modify, amend, or terminate the plans at any time, including actions that may affect coverage, cost-sharing, or covered benefits, as well as benefits that are provided to current and future retirees.
* You are not eligible for the University Home Ownership Incentive Program if you are a postdoctoral fellow, postdoctoral research associate, postdoctoral teaching fellow, EDC Associate, or visiting faculty.
† Does not apply to current City homeowners whose primary residence is in the City.
‡ The loan is secured by a note and mortgage that obligate you to repay the loan to the University and create a lien against your home as security for your repayment obligation. The $10,000 loan becomes taxable when and to the extent that it is forgiven.
How to get started
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Apply online and the Office of Total Rewards will verify your employment eligibility.
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Contact the City of Rochester for an application via email at homebuyer@cityofrochester.gov.
- Discuss mortgage options with a participating program lender.
Additional resources
Mortgage Housing Incentive Program
Several financial institutions in the Greater Rochester area are available to help the University of Rochester’s full-time and part-time faculty and staff members through the mortgage process.
By answering your questions, informing you of their housing incentives, and explaining their specific mortgage options, you will be able to make an informed decision about what the best mortgage options are for you.
This program also offers special incentives for homebuyers in the City of Rochester.
Mortgage Housing Incentive Program contacts
Home search and education
Find Your Dream Home
Owning a home isn’t just about four walls and a roof. Do you want a backyard, or for someone to take care of all the maintenance for you? Are you looking for that Victorian style, but modern home, or is it most important to live on a street with lots of shops for your convenience? Well, check out the Celebrate City Living website to find your dream home!
Assistance & Advice
Stressed out or confused about the home-buying process? Need a little advice or just want to take a class to make sure you’re doing everything right? Sign up for pre-purchase and post-purchase education classes at approved agencies*, to be the best you can be at home buying.
*To be eligible for the City of Rochester’s grant, first-time home buyers are required to complete pre-purchase and post-purchase education classes at approved agencies. Contact the City for confirmation of approved agencies.