Ana Rodriguez, transitional coordinator, Transition Care Management, purchased her first home with the help of Yale New Haven Hospital’s Home Ownership Made Easier (HOME) Program, which has helped 183 employees since launching more than 13 years ago.
Through a partnership with its new financial services partner – Webster Bank – YNHH’s HOME program offers employees who are first-time homebuyers up to $10,000 in forgivable loans and other incentives when they purchase a home in New Haven.
Michael Dimenstein, vice president, Compensation and Benefits, said the HOME Program is going strong, and he hopes it continues to grow in the coming years.“We are very proud of the program’s success,” he said. “It is a benefit that enables staff members to realize their dream of home ownership, and a community benefit through which YNHH and staff partner to support our neighborhoods.”
The program is available to YNHH and Health Services Corporation (HSC) employees who, among other qualifications, are active, full-time and benefits-eligible with at least one year of service, or active, part-time and benefits-eligible with at least five years of service. The loan takes the form of a second or third mortgage with YNHH, to be forgiven over five years.
“My experience with the HOME Program was truly amazing,” said Rodriguez. “Working with the hospital’s Human Resources department was a great experience. They helped guide me through the entire process, ensuring I had everything I needed along the way. What a great opportunity. I’m honored to have been a part of such a great program.”
Rodriguez, who is featured on the new HOME Program brochure, explained that the financial assistance from the program helps with mortgage payments, closing costs and other fees.
“I can’t thank the Yale New Haven team enough for their continued support, commitment and partnership,” she said. “They’ve helped make my family’s American dream come true, and I am forever grateful.”
In addition to financial incentives, YNHH and Webster Bank partner with U.S. Department of Housing and Urban Development-approved counseling agencies to provide education and personalized service that help guide participants through the process of buying a home, qualifying for a mortgage loan and understanding the importance of budgeting and credit and the responsibilities of being a homeowner. Employees such as Rodriguez can also combine HOME Program benefits with services available through Habitat for Humanity to take full advantage of YNHH homebuyer assistance options.