MassWorks News
Saint-Gobain supports homeownership for its employees
WORCESTER, August 27, 2008 --- Saint-Gobain’s manufacturing and research and development operations in Worcester and Northboro is the latest employer to join MassWorks, the new employer-assisted mortgage program designed to help first-time homebuyers afford homes near to where they work.
Saint-Gobain joined the MassWorks program in conjunction with its partnership with Buy Worcester Now, a private/public partnership between the City of Worcester, Commonwealth of Massachusetts, and several Worcester-area employers.
With Buy Worcester Now, first-time buyers who purchase a home in Worcester will receive discounted services, and in some cases, up to 100 percent financing at below market rates. More than 15 local financial and lending institutions have pledged more than $90 million in loans with discounts between one-half point and one-quarter point below rates, no or low down payment, lower or no mortgage insurance payments, and mortgage payment protection in the case of job loss.
Saint-Gobain and several of Worcester's major corporations and colleges/universities have committed their support to Buy Worcester Now by providing financial assistance of up to $5,000 per employee through MassWorks. The state will match an employer’s contribution dollar-for-dollar, helping employers offer their employees the opportunity to purchase a home in Worcester. Homebuyers will also receive discounts and incentives from participating local retailers after their purchase, as part of the Buy Worcester Now initiative.
“Offering MassWorks is a win-win situation for Saint-Gobain and its employees,” said Mark Rayfield, Vice President of Abrasives North America and Superabrasives Worldwide. “Our employees will enjoy the benefits of affordable and safe Worcester homeownership, while Saint-Gobain will be able to retain skilled and committed employees.”
With over 1,000 subsidiaries in 57 countries, Saint-Gobain is the world’s largest manufacturer and distributor of building materials, and a leader in the production of high performance materials and glass containers. Founded in 1665 and headquartered in Paris, Saint-Gobain had worldwide sales of $59 billion in 2007 and employs approximately 212,000 people. In the United States and Canada, Saint-Gobain Corporation employs approximately 24,000 people and reported sales of approximately $7.9 billion in 2007. In Massachusetts, the company has approximately 1,800 employees, with major production facilities in Milford, Northampton, Norwood and Worcester.
Saint-Gobain’s Worcester operation manufactures abrasives, ceramics and plastics and employs about 1,500. Its research and development Center in Northboro has been a major center for materials research since 1985. The facility is the largest of Saint-Gobain’s four main R&D operations.
Saint-Gobain joins Worcester Polytechnic Institute, Holy Cross, UMass Memorial Health Care, Clark University and Assumption College as the first organizations to offer MassWorks through the Buy Worcester Now initiative.
Created by the Commonwealth of Massachusetts and the Massachusetts Housing Partnership (MHP), MassWorks is different from 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 blends it into traditional fixed-rate mortgage financing from a bank. The employer funds and state match are applied to a homebuyer’s monthly mortgage payment, spread out over 10 years. This keeps a 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.
MassWorks’ graduated payment system is modeled after MHP’s SoftSecond Loan Program, which has helped nearly 12,000 households purchase their first home, while maintaining industry-low foreclosure rates. SoftSecond has been especially successful in Worcester, making almost 500 loans. MHP is a state, non-profit affordable housing agency funded by banks.
“SoftSecond has proven to be a wonderfully successful, safe and secure mortgage for first-time homebuyers in Worcester,” said Gina Govoni, MHP’s Homeownership Director.
“MassWorks is an effort to capitalize on that success while also giving employers a benefit that will help them recruit and retain employees and make their communities stronger. “
Saint-Gobain joined the MassWorks program in conjunction with its partnership with Buy Worcester Now, a private/public partnership between the City of Worcester, Commonwealth of Massachusetts, and several Worcester-area employers.
With Buy Worcester Now, first-time buyers who purchase a home in Worcester will receive discounted services, and in some cases, up to 100 percent financing at below market rates. More than 15 local financial and lending institutions have pledged more than $90 million in loans with discounts between one-half point and one-quarter point below rates, no or low down payment, lower or no mortgage insurance payments, and mortgage payment protection in the case of job loss.
Saint-Gobain and several of Worcester's major corporations and colleges/universities have committed their support to Buy Worcester Now by providing financial assistance of up to $5,000 per employee through MassWorks. The state will match an employer’s contribution dollar-for-dollar, helping employers offer their employees the opportunity to purchase a home in Worcester. Homebuyers will also receive discounts and incentives from participating local retailers after their purchase, as part of the Buy Worcester Now initiative.
“Offering MassWorks is a win-win situation for Saint-Gobain and its employees,” said Mark Rayfield, Vice President of Abrasives North America and Superabrasives Worldwide. “Our employees will enjoy the benefits of affordable and safe Worcester homeownership, while Saint-Gobain will be able to retain skilled and committed employees.”
With over 1,000 subsidiaries in 57 countries, Saint-Gobain is the world’s largest manufacturer and distributor of building materials, and a leader in the production of high performance materials and glass containers. Founded in 1665 and headquartered in Paris, Saint-Gobain had worldwide sales of $59 billion in 2007 and employs approximately 212,000 people. In the United States and Canada, Saint-Gobain Corporation employs approximately 24,000 people and reported sales of approximately $7.9 billion in 2007. In Massachusetts, the company has approximately 1,800 employees, with major production facilities in Milford, Northampton, Norwood and Worcester.
Saint-Gobain’s Worcester operation manufactures abrasives, ceramics and plastics and employs about 1,500. Its research and development Center in Northboro has been a major center for materials research since 1985. The facility is the largest of Saint-Gobain’s four main R&D operations.
Saint-Gobain joins Worcester Polytechnic Institute, Holy Cross, UMass Memorial Health Care, Clark University and Assumption College as the first organizations to offer MassWorks through the Buy Worcester Now initiative.
Created by the Commonwealth of Massachusetts and the Massachusetts Housing Partnership (MHP), MassWorks is different from 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 blends it into traditional fixed-rate mortgage financing from a bank. The employer funds and state match are applied to a homebuyer’s monthly mortgage payment, spread out over 10 years. This keeps a 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.
MassWorks’ graduated payment system is modeled after MHP’s SoftSecond Loan Program, which has helped nearly 12,000 households purchase their first home, while maintaining industry-low foreclosure rates. SoftSecond has been especially successful in Worcester, making almost 500 loans. MHP is a state, non-profit affordable housing agency funded by banks.
“SoftSecond has proven to be a wonderfully successful, safe and secure mortgage for first-time homebuyers in Worcester,” said Gina Govoni, MHP’s Homeownership Director.
“MassWorks is an effort to capitalize on that success while also giving employers a benefit that will help them recruit and retain employees and make their communities stronger. “
MassWorks is administered by:
The Massachusetts Housing Partnership
160 Federal Street, Boston MA 02110
Tel: 800-752-7131 Toll-free: 877-MHP-FUND Fax: 617-330-9111