Employer Assisted Housing Program Launched
Forgivable loan program offers Canisius employees the opportunity to buy homes in designated areas of the City of Buffalo
BUFFALO, NY – Canisius College President Rev. Vincent M. Cooke, S.J., announced today the establishment of an Employer Assisted Housing Program designed to assist Canisius employees with the purchase of homes in designated areas of the city of Buffalo.
The Canisius College Employer Assisted Housing Program (EAH) was developed for the college by John J. Hurley, vice president for college relations and general counsel, in consultation with the Western and Central New York Partnership office of Fannie Mae.
Specifically, the Canisius EAH is structured as a forgivable loan program. Loans will be made to qualifying employees to assist with down payments and closing costs in eligible neighborhoods. The loan will be forgiven over five years, at a rate of 20 percent per year, provided the employee remains employed at Canisius. They will be secured through a second mortgage lien on the residence purchased until all of the conditions of the second mortgage have been satisfied. The cost to prepare and record the mortgage will be paid by the employee at the time of the closing.
“This is one way that Canisius College can encourage home ownership in the city of Buffalo, particularly in the neighborhoods immediately adjacent to the college,” said Father Cooke. “We believe our EAH program will not only facilitate home ownership but also develop greater employee loyalty to the college and commitment to the city of Buffalo.”
Currently, total employment at the college, not including part-time coaches, adjunct faculty and student employees, is 718. Overall, 252 employees or 35 percent live in the city of Buffalo.
In order to qualify for this program, a Canisius employee must purchase a one or two family home as a primary residence in one of the eligible areas: the Delaware Council District, the Masten Council District or the portion of the North Council District bounded by Richmond Avenue to the west, then north to Forest Avenue, east to Elmwood Avenue and north to Hertel Avenue. Five percent (5%) of the purchase price or $5,000, whichever is less, will be available for qualified employees in the eligible areas.
An enhanced loan benefit will be available to an employee who purchases a one or two-family home as his/her primary residence in three target neighborhoods: the Parkside Community Historic District, the Hamlin Park Historic District or the portion of the Linwood-Oxford neighborhood bounded by West Delavan Avenue to the north, West Ferry Street to the south, Main Street to the north and Linwood Avenue to the west. The enhanced loan benefit is ten percent (10%) of the purchase price or $7,000, whichever is less, for homes in the target neighborhood.
“Canisius College is demonstrating once again its strong commitment to the city of Buffalo,” said Mayor Anthony Masiello. “Promoting home ownership in the city of Buffalo by its employees will benefit everyone. Responsible homeowners are fundamental to the revitalization of our city. I am confident that once exposed to city living, the new Canisius homeowners will be delighted with all that Buffalo has to offer.”
Partnering with Canisius College are M&T Mortgage Corporation and Hunt Real Estate Corporation. M&T Mortgage Corporation will provide a dedicated consultant and coordinator for all Canisius College inquiries and mortgage applications. It is also offering home buying seminars, free pre-approval for homebuyers and a $100 discount off closing costs.
"The partnership Fannie Mae has entered with Canisius College is an excellent example of how employers can encourage their employees to invest in their communities through homeownership," said Bob Bannister, director of Fannie Mae’s Western and Central New York Partnership Office. "This initiative also will provide an added tool for the college in recruiting and retaining their valued employees." Bannister added that Fannie Mae has assisted, at no cost, approximately 300 public and private employers with the design of EAH plans customized to meet their individual needs.
Fannie Mae expanded its EAH initiative under the company’s $2 trillion American Dream Commitment SM, with a goal to help 1,000 employers nationwide establish employer assisted housing by the end of the decade.
“Once again, Canisius College is contributing to our city in a significant way,” said Congressman John J. LaFalce (D-29, NY). “With their partners, Canisius will help many of its employees realize the fundamental American dream of homeownership.”
"Whenever an employer takes the initiative to provide a supplemental service or assistance to its employees, all of the involved parties benefit,” said Congressman Jack Quinn (R-30, NY). “The EAH program is just another example of how Father Cooke and the administration at Canisius College are working to improve the Western New York community and particularly the adjacent neighborhoods to the college. I am grateful that, with the collaboration of Fannie Mae and employers such as Canisius, my constituents are able to pursue the dream of owning a home."
In addition to general real estate services, Hunt Real Estate Corporation is providing a personal move coordinator. The personal move coordinator will support homebuyers with all moving services including identifying a skilled craftsman to assist with remodeling or repair and many other services that homeowners need before, during and after the move. Hunt provides a $1,000 guarantee that their network of contractors will complete the work as outlined in the contract or Hunt will make sure it is corrected.
Canisius College is one of 28 Jesuit colleges in the nation and the premier private college in Western New York. Canisius prepares leaders—intelligent, caring, faithful individuals—able to pursue and promote excellence in their professions, communities and service to humanity.
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| (from left to right): Congressman Jack Quinn (R-30, NY); Bob Bannister, director of Fannie Mae’s Western and Central New York Partnership Office; Congressman John J. LaFalce (D-29, NY); Rev. Vincent M. Cooke, S.J., president of Canisius College; John Hurley, vice president of college relations and general counsel at Canisius College announce the new program. |
The Canisius College Employer Assisted Housing Program (EAH) was developed for the college by John J. Hurley, vice president for college relations and general counsel, in consultation with the Western and Central New York Partnership office of Fannie Mae.
Specifically, the Canisius EAH is structured as a forgivable loan program. Loans will be made to qualifying employees to assist with down payments and closing costs in eligible neighborhoods. The loan will be forgiven over five years, at a rate of 20 percent per year, provided the employee remains employed at Canisius. They will be secured through a second mortgage lien on the residence purchased until all of the conditions of the second mortgage have been satisfied. The cost to prepare and record the mortgage will be paid by the employee at the time of the closing.
“This is one way that Canisius College can encourage home ownership in the city of Buffalo, particularly in the neighborhoods immediately adjacent to the college,” said Father Cooke. “We believe our EAH program will not only facilitate home ownership but also develop greater employee loyalty to the college and commitment to the city of Buffalo.”
Currently, total employment at the college, not including part-time coaches, adjunct faculty and student employees, is 718. Overall, 252 employees or 35 percent live in the city of Buffalo.
In order to qualify for this program, a Canisius employee must purchase a one or two family home as a primary residence in one of the eligible areas: the Delaware Council District, the Masten Council District or the portion of the North Council District bounded by Richmond Avenue to the west, then north to Forest Avenue, east to Elmwood Avenue and north to Hertel Avenue. Five percent (5%) of the purchase price or $5,000, whichever is less, will be available for qualified employees in the eligible areas.
An enhanced loan benefit will be available to an employee who purchases a one or two-family home as his/her primary residence in three target neighborhoods: the Parkside Community Historic District, the Hamlin Park Historic District or the portion of the Linwood-Oxford neighborhood bounded by West Delavan Avenue to the north, West Ferry Street to the south, Main Street to the north and Linwood Avenue to the west. The enhanced loan benefit is ten percent (10%) of the purchase price or $7,000, whichever is less, for homes in the target neighborhood.
“Canisius College is demonstrating once again its strong commitment to the city of Buffalo,” said Mayor Anthony Masiello. “Promoting home ownership in the city of Buffalo by its employees will benefit everyone. Responsible homeowners are fundamental to the revitalization of our city. I am confident that once exposed to city living, the new Canisius homeowners will be delighted with all that Buffalo has to offer.”
Partnering with Canisius College are M&T Mortgage Corporation and Hunt Real Estate Corporation. M&T Mortgage Corporation will provide a dedicated consultant and coordinator for all Canisius College inquiries and mortgage applications. It is also offering home buying seminars, free pre-approval for homebuyers and a $100 discount off closing costs.
"The partnership Fannie Mae has entered with Canisius College is an excellent example of how employers can encourage their employees to invest in their communities through homeownership," said Bob Bannister, director of Fannie Mae’s Western and Central New York Partnership Office. "This initiative also will provide an added tool for the college in recruiting and retaining their valued employees." Bannister added that Fannie Mae has assisted, at no cost, approximately 300 public and private employers with the design of EAH plans customized to meet their individual needs.
Fannie Mae expanded its EAH initiative under the company’s $2 trillion American Dream Commitment SM, with a goal to help 1,000 employers nationwide establish employer assisted housing by the end of the decade.
“Once again, Canisius College is contributing to our city in a significant way,” said Congressman John J. LaFalce (D-29, NY). “With their partners, Canisius will help many of its employees realize the fundamental American dream of homeownership.”
"Whenever an employer takes the initiative to provide a supplemental service or assistance to its employees, all of the involved parties benefit,” said Congressman Jack Quinn (R-30, NY). “The EAH program is just another example of how Father Cooke and the administration at Canisius College are working to improve the Western New York community and particularly the adjacent neighborhoods to the college. I am grateful that, with the collaboration of Fannie Mae and employers such as Canisius, my constituents are able to pursue the dream of owning a home."
In addition to general real estate services, Hunt Real Estate Corporation is providing a personal move coordinator. The personal move coordinator will support homebuyers with all moving services including identifying a skilled craftsman to assist with remodeling or repair and many other services that homeowners need before, during and after the move. Hunt provides a $1,000 guarantee that their network of contractors will complete the work as outlined in the contract or Hunt will make sure it is corrected.
Canisius College is one of 28 Jesuit colleges in the nation and the premier private college in Western New York. Canisius prepares leaders—intelligent, caring, faithful individuals—able to pursue and promote excellence in their professions, communities and service to humanity.