Canisius Expands EAH Program
Area now includes additional portions of Delaware, North, University, Ellicott, Fillmore and Niagara Districts
“The EAH Program not only encourages home ownership in the city of Buffalo and in the neighborhoods adjacent to the college but it also develops greater employee loyalty to the college and the commitment to the city,” says Father Cooke. “To date, 19 Canisius employees have purchased homes through our program.”
Developed in 2002, the Canisius College EAH program was the first of its kind in the area and served as a model to other area institutions.
The Canisius EAH is structured as a forgivable loan program. Loans are made to qualifying employees to assist with down payments and closing costs for residences in eligible neighborhoods. The loan is forgiven over five years, at the rate of 20 percent per year, provided the employee remains employed at Canisius. They are secured through a second mortgage lien on the residence purchased until all of the conditions of the second mortgage have been satisfied.
“The response of our faculty and staff to this program has been heartening,” noted John J. Hurley, executive vice president and vice president for college relations who developed the Canisius program. “Staff at every level from the dean’s office to our facilities management workers have qualified for the program and are now living here in the city of Buffalo. We hope to increase the interest in city living by expanding the boundaries for our program.”
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 original eligible areas include the Delaware, Masten and portions of the North Districts bounded by Richmond Avenue to the west, then north to Forest Avenue, east to Elmwood Avenue and north to Hertel Avenue. The expanded program includes portions of the Delaware, North and University Districts, beginning with Hertel Avenue to Kenmore Avenue on the north, Elmwood Avenue on the west and Parkside Avenue on the east. The EAH downtown extension includes the areas of the Delaware, Ellicott, Fillmore and Niagara Districts. The extension begins at West Utica and runs south to include the Waterfront, west to include Richmond Avenue, sections of Porter Avenue and Niagara Street and on the east to portions of Michigan Avenue and Main Street. Five percent (5 %) of the purchase price or $5,000, whichever is less, is available for qualified employees in these areas.
An enhanced loan benefit is also 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 10 percent (10%) of the purchase price or $7,000, whichever is less, for homes in the target neighborhoods.
Partnering with Canisius are M&T Mortgage Corporation and Hunt Real Estate Corporation. M&T Mortgage Corporation provides a dedicated consultant and coordinator for all Canisius College inquiries and mortgage applications. In addition to general real estate services, Hunt Real Estate Corporation provides a personal move coordinator who offers services that homeowners need before, during and after the move.
For more information, contact the Canisius College Office of Public Relations at (716) 888-2790.
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, their communities and their service to humanity.
Date released: 12/4/2008
