MassWorks News

WORCESTER, November 12, 2008 --- Assumption College is one of six Worcester employers to now offer MassWorks, a new statewide program that features the blending of an employer contribution and a dollar-for-dollar state match with a traditional fixed-rate mortgage financing to help first-time homebuyers afford homes near where they work.

“Assumption College is very pleased to offer our employees access to the unique opportunity available through the MassWorks homeownership program,” said Francesco Cesareo, president of the college. “Helping our employees buy a home in Worcester benefits their families and also strengthens our community. It is an investment in the future and a win-win-win situation for the employees, Assumption College and Worcester.”

Created by the Commonwealth of Massachusetts and MHP in 2008, MassWorks is different than many traditional employer-assisted mortgage programs where employer funds are used strictly for down-payment assistance. While down-payment assistance is possible, MassWorks takes an employer contribution and a dollar-for-dollar state match and applies it to a homebuyer’s monthly mortgage payment, spread out over 10 years. This keeps homebuyer’s payments low.

In addition, MassWorks can be flexible to an employer’s specific goals. The minimum employer contribution per employee is $2,500 and the state will match every dollar an employer puts in up to $5,000. MassWorks will be offered through participating banks and will be administered by MHP.

Assumption College is the latest of a growing list of employers that have joined MassWorks. The list includes Clark University, Holy Cross College, Worcester Polytechnic Institute, UMass Memorial Health Care, abrasives manufacturer Saint-Gobain and the South Shore Chamber of Commerce.