MassWorks News

WORCESTER, November 12. 2008 --- Clark University 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.

“Clark has a long recognized the importance of homeownership for creating strong neighborhoods and building community,” said John Bassett, president of Clark University. “The addition of MassWorks to Clark’s existing employee homeownership package will make living in the neighborhood around Clark more affordable for many of our employees.”

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.

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