MassWorks News

WORCESTER, November 12, 2008 --- UMass Memorial Health Care 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.

“As the largest employer in the region with 12,000 employees, our responsibility is to not only provide quality health care but to also play a role in the health of the community,” said UMass Memorial President and CEO John G. O’Brien. “There are a host of issues that impact the health of the community and lack of affordable housing is one of the core components of building a health community. We are pleased to be part of MassWorks’ efforts to help employees and working families buy homes they can afford. We see this as an important community benefit.”

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.

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