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Guaranteed Mortgage Program
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| Eric Mower (far left), chairman of
the Syracuse Neighborhood Initiative, speaks at the March
1 press conference announcing the Le Moyne College Guaranteed
Mortgage Program. Also speaking at the event were (seated
from left) Le Moyne President Father Charles J. Beirne,
S.J., Congressman James Walsh, and Syracuse Mayor
Matt Driscoll. |
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Le Moyne College announces Guaranteed
Mortgage Program benefit for full-time employees.
Program will provide housing cost benefits
for employees buying homes in specified city neighborhoods surrounding
Le Moyne's 150-acre campus.
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SYRACUSE, MARCH 1, 2002 - Le Moyne College has joined
a select group of higher education institutions nationwide in offering
a Guaranteed Mortgage Program for its full-time employees. For employees
buying homes under the program, the college will guarantee the loan
for employees at no risk to the lender, eliminating the need for
a down payment and private mortgage insurance.
"Offering this program further solidifies Le Moyne College's long-standing
commitment to strengthening Syracuse by encouraging our employees
to live and invest in the communities near our campus," said Charles
J. Beirne, S.J., president of Le Moyne. "At the same time, the program
provides us with an important employee benefit that will help in
recruiting and retaining faculty and staff."
The college is just the second employer in Syracuse (the other being
Syracuse University) to offer such a program, announced in conjunction
with the Syracuse Neighborhood Initiative. SNI, a public-private
collaboration designed to revitalize city neighborhoods, was established
in 1999 with funds secured from the federal Department of Housing
and Urban Development by U.S. Rep. Jim Walsh (R-Onondaga). Eric
Mower, CEO of Eric Mower and Associates, is the chairman of SNI.
"To be successful, it is vital that private entities develop programs
that reinforce the overall mission of the Syracuse Neighborhood
Initiative," said Congressman Walsh. "Le Moyne's program serves
as an example for other employers throughout the region to develop
their own employer-assisted housing programs."
"The combination of Le Moyne College and Syracuse University offering
guaranteed mortgage programs to their staff demonstrates the ever-increasing
degree of leadership in the community focusing energy and resources
on our neighborhoods," added Eric Mower.
"Le Moyne College is to be commended for its investment in the city
represented by this program," said Syracuse Mayor Matt Driscoll.
"Initiatives like this continuously improve the quality and vitality
of Syracuse's many outstanding neighborhoods."
Under the program, financing for 100 percent of the purchase price
of a home is available to qualified buyers, with Le Moyne College
serving as guarantor on the mortgage. The home must be the employee's
primary residence and can only be a single-family home, a two-family
home or a townhouse.
Qualifying properties must fall within a specified area of the city.
The boundaries for this area, roughly 781 acres, are Erie Boulevard
to the north, East Genesee Street to the south, Croly Street to
the west and the city line to the east. Currently, approximately
70 Le Moyne employees live within these boundaries, which includes
more than 1,600 single- and two-family homes.
The college hires an average of 40 new employees per year, with
many coming from outside of the Central New York region. Individuals
become eligible for the program immediately upon being hired as
a full-time employee. Le Moyne currently employs approximately 385
full-time employees.
Companies offering a guaranteed mortgage benefit for its employees
are relatively rare. Information provided by Fannie Mae indicates
that only 34 colleges and universities nationwide offer such a program,
with only Syracuse University, Canisius College, Union College,
and Rensselaer Polytechnic Institute currently providing this benefit
among New York higher education institutions. According to a survey
conducted in 2001 by the Society for Human Resource Management,
only 9 percent of employers in the United States offer an employer-assisted
housing program for its employees.
To be eligible for the program, the Le Moyne employee must obtain
a mortgage through a bank approved by the college to participate
in this program. At this time, the college is working with KeyBank,
Fleet Bank, and M&T Bank regarding their participation. The individual
would apply for a mortgage as normal and must meet all customary
lending criteria established by the lending bank. The employee then
would complete a Le Moyne application and eligibility form. If approved
by the college, this form would be submitted to the lending institution,
which would process the mortgage under the Guaranteed Mortgage Program.
Le Moyne College, located in Syracuse, is a private four-year Jesuit
college enrolling approximately 2,100 full-time students in a program
of liberal arts, sciences and pre-professional studies. Le Moyne
also offers a physician assistant program and graduate programs
in education and business administration. |
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