RIT Home Owner Partnership (HOP)

RIT is pleased to offer the RIT Home Owner Partnership with the City of Rochester. This program gives you a chance to own a home in the City of Rochester with $6,000 in help!

How does it work?

RIT has teamed up with the City of Rochester to offer eligible employees $6,000 toward the purchase of a primary residence in the City of Rochester. RIT's Home Owner Partnership provides eligible employees with the opportunity to receive $3,000 from RIT and $3,000 from the City of Rochester. You can use these funds toward your down payment and/or closing costs.

How do I qualify for the benefit?

You must:

Not currently own a home in the City of Rochester;
Purchase a home within the Rochester city limits with a purchase price of under $200,000;
Be able to qualify for a mortgage loan from a bank;
Complete a Home Buyer Services application and interview with a Home Buyer Services Counselor before signing a purchase offer;
Contribute at least $1,500 of your personal funds towards the purchase (the deposit must be $1,000 or more);
Be a current full-time or extended part-time RIT employee at the time of closing and remain employed by RIT for at least five years following the date of closing [please note that visiting faculty may qualify, but would need to repay the RIT portion if they leave RIT employment before five years from the date of closing; they would also need to repay the City if they live in the residence less than five years].
Complete an approved Home Ownership Class before closing as well as complete three post purchase classes in the first year of home ownership (if you are a first-time home buyer);
Live in the property as your principal place of residence for at least five years from the date of closing.

Other Information You Should Know

RIT limits this program to 10 employees per calendar year. Participation will be determined on a first come, first served basis, based on the date of the closing.

The RIT portion is in the form of a forgivable loan, and is taxable in the year of forgiveness, which in most cases will be the 5th year. There is no repayment required if the five year employment and residency requirements are met.

Repayment of all or a portion of the RIT loan is due if the home owner moves or leaves RIT employment within 5 years of the date of the closing. Repayment of all or a portion of the City grant is due if the home owner moves within five years from the date of the closing.

We have been advised by the City that the closing process for Home Owner Partnership applicants may take up to five months.

Repayment Chart

Time Elapsed	5-Year Repayment %
1^st through 24^th month	100%
25^th through 36^th month	75%
37^th through 48^th month	50%
49^th through 60^th month	25%
61^st month	0%

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.

Process - How Do I Get Started?

If you are eligible for the program and you want to get started, contact your benefits representative in the Human Resources Department (see below). You will receive an eligibility letter that you would then give to the City representative to get the process started.

Your Last Name	Contact	Telephone	E-Mail Address
A-L	Valerie Liegey	(585) 475-5346	valpsn@rit.edu
M-Z	Brett Lagoe	(585) 475-5983	bllpsn@rit.edu

You will receive an eligibility letter that you would then give to the City representative to get the process started.

If You Have Questions

For specific questions, contact the City representative, Margot Garcia at (585) 428-6888/v and garciam@cityofrochester.gov. To get started, you will need an eligibility letter from RIT Human Resources.

For the eligibility letter or for other RIT questions, contact your benefits representative in the Human Resources Department based on the first letter of your last name as follows (TTY 475-2420):

Your Last Name	Contact	Telephone	E-Mail Address
A-L	Valerie Liegey	(585) 475-5346	valpsn@rit.edu
M-Z	Brett Lagoe	(585) 475-5983	bllpsn@rit.edu