Live in Lowell Program Provides Financial Incentives to Renters, Homebuyers
09/14/2015
Media contacts: Nancy Cicco, 978-934-4944 or Nancy_Cicco@uml.edu or and Christine Gillette, 978-934-2209 or Christine_Gillette@uml.edu
LOWELL, Mass. – UMass Lowell is offering incentives for university employees to move into the city, fueling its economic growth and identity as a college town.
The Live in Lowell program provides one-time reimbursements to new UMass Lowell faculty and staff who rent or buy homes in the city. Existing faculty and staff who choose to move to the city are also eligible.
New UMass Lowell Chancellor Jacquie Moloney announced the program as part of the First 90 Initiative (#First90), which is using the first 90 days of her administration to launch phase two of the university’s 10-year strategic plan, UMass Lowell 2020.
“UMass Lowell is proud to offer the Live in Lowell program, which provides a financial jumpstart to university faculty and staff who choose to reside in this historic and culturally vibrant college town,” Moloney said. “When employees live and work in the same place, it strengthens their commitment to and engagement in the community. We believe this will help build Lowell’s identity as a college town, a crucial goal in the university’s strategic plan.”
The Live in Lowell program is open to all benefits-eligible UMass Lowell employees who have worked for the university for at least six months and are moving to Lowell from another community. Employees are eligible for either a rental incentive or a homebuyer incentive. The program provides:
- UMass Lowell Rental Incentive – Employees may receive a one-time, taxable reimbursement of $1,000. The payment will be made on or after the applicant’s six-month anniversary of employment and upon presentation of a signed lease agreement for at least a 12-month term for a property in Lowell, and proof of residency.
- UMass Lowell Homebuyer Incentive – Employees who purchase a home or condominium in Lowell may receive a one-time, taxable reimbursement of $1,500 on or after the applicant’s six month anniversary. The applicant must present a recorded property deed and proof of residency.
- Lowell Development and Financial Corporation Incentive – The LDFC is offering UMass Lowell employees who purchase homes in Lowell second- mortgage financing for 50 percent of their down payment (up to $5,000) at zero percent interest with no payments due for the first five years. There are no income restrictions.
UMass Lowell is partnering with local landlords, lenders, and brokers to encourage them to offer matching incentives to university faculty and staff participating in the Live in Lowell program. A list of these partners, properties, and programs will be provided to applicants as they are developed.
“Both the chancellor and I have roots deeply seeded in Lowell. The Live in Lowell program is a creative way to entice people to make the city their home and set down their own roots here in the Mill City,” said Lowell City Manager Kevin Murphy. “I’m encouraged when I attend community meetings and half in attendance are people who are newcomers to Lowell. They are always passionate, very committed to their new community. The new residents are learning what most longtime Lowellians already know – it’s an incredible place to live and work.”
UMass Lowell is the second-largest employer in the city, with nearly 2,000 full- and part-time personnel. More than one-third of that number already lives in Lowell.
A primary driver of the region’s economy, the university annually delivers more than $800 million in positive impact, according to the UMass Donahue Institute. Last year, the Association of Public and Land-Grant Universities named UMass Lowell an Innovation and Economic Prosperity University, praising the institution’s work with public- and private-sector partners to promote economic engagement.
UMass Lowell has also won high marks for its commitment to promoting the public good, having earned the prestigious Carnegie Foundation’s classification as a “community-engaged campus.” In 2014 – for the fifth consecutive time – UMass Lowell was named to the President’s Higher Education Community Service Honor Roll, which recognizes the university for its community-service programs and for raising the visibility of effective practices in campus-community partnerships. As part of this honor, UMass Lowell students, faculty and staff were praised for the 168,000 hours of academic and non-academic service they provided in the community.
The Live in Lowell program dovetails with a new marketing campaign designed to highlight what makes Lowell a great place to live, work, study and play. Launching this month, the campaign showcases the city’s cultural, recreational and other attractions in a series of advertisements and other messaging. The effort promotes Lowell’s unique attributes and educates prospective students, visitors and businesses about all the city has to offer.
UMass Lowell is a national research university located on a high-energy campus in the heart of a global community. The university offers its 17,500 students bachelor’s, master’s and doctoral degrees in business, education, engineering, fine arts, health, humanities, sciences and social sciences. UMass Lowell delivers high-quality educational programs, vigorous hands-on learning and personal attention from leading faculty and staff, all of which prepare graduates to be ready for work, for life and for all the world offers. www.uml.edu