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Managing Editor SPRINGFIELD The state of Massachusetts has committed $150,000 to a fund that will assist employees of Baystate Health, Springfield College, MassMutual and American International College to buy a home in the North End section of the city or in the neighborhoods that border the State Street Corridor. The announcement was made at a press conference last week that Springfield Neighborhood Housing Services (SNHS) will administer the state's contribution to the loan program set up by the businesses and colleges. SNHS Executive Director Charles Rucks said, "This is a very significant and innovative approach to taking employers from different segments of the community and recognizing the role they can play in helping employees realize their dream of sustainable home ownership." Employees from the four participating businesses who have household incomes at or below 110 percent of area median as defined by the federal government are elegible. Each employer has a program to help its employees buy a home and the state will match that contribution dollar for dollar. The funding is to be used for a down payment or for closing costs for the purchase of a home within the designated areas. The state has defined the State Street Corridor as within the boundaries of Blunt Park to the MassMutual campus to Springfield College and continuing down State Street to Main Street." The North End has been defined as "an area between the Baystate Medical Center, Chestnut Street and Interstates 291 and 91." Tina Brooks, undersecretary for the Department of Housing and Community Development, said the money from the state is a forgivable loan that pays itself off in five years, provided the employee stays with the company. She explained the idea of the state contributing to the existing programs at MassMutual and Baystate Health has been in the works since last fall. The goal is to have 20 to 25 employees participate in the new program. Trish Robinson, the senior vice president of strategic communication and community responsibility for MassMutual, said that company has had a program to help its employees buy homes in the city and has revised it in light of the state's participation. Now, qualified employees will be able to receive $10,000 raised from $5,000 from the company to buy a home in the designated areas. That sum would be matched through the state funds. Employees looking for a home in other parts of the city would receive $7,500 through the MassMutual program. Robinson said there are currently nine new loans pending in her company's program: four within the designated area and five elsewhere in the city. "MassMutual is proud to help our employees realize the dream of home ownership while also strengthening the vitality of our community, she said. Steven Bradley, vice president of Baystate Health for government and community relations, said the medical center has had a first-time homeowners program for 10 years. During that time the health company has helped 51 employees and Bradley said those 51 people are still in the homes they brought through the program. Baystate recently helped a 52nd employee, he said, and has increased its loan from $5,000 to $7,500. Springfield College and American International College (AIC) are new to the program and Dr. Ronald Holstead of AIC said his college would look to MassMutual and Baystate as mentors as they set up their program. | ||||||
