Lawrence + Memorial Hospital launches program to make home ownership easier for employees
Wednesday, February 3, 2021
NEW LONDON, CT (Feb. 3, 2021) Lawrence + Memorial Hospital (L+M) today launched its HOME – Home Ownership Made Easier – program that provides eligible employees with up to $10,000 in forgivable five-year loans, as well as other incentives and home buying support, when they purchase a home in the city of New London. The hospital will pay down the amount of the loan if the employee continues to work at L+M and live in the home for at least five years.
“Home ownership is the American dream. We are honored to help make this dream a reality for our associates who are first time homebuyers,” said Patrick Green, president and CEO of L+M Healthcare. "Buying a home is likely one of the most expensive purchases one can make, so it makes perfect sense to invest in initiatives like the HOME program that help both our associates and our community.”
Chelsea Groton Bank, L+M’s partner in the HOME program, offers program participants classes on home financing, in addition to competitive, below market fees. In collaboration with L+M and counseling agencies approved by the U.S. Department of Housing and Urban Development, program participants also receive homebuyer education to guide them through the process of buying a home, qualifying for a mortgage loan, understanding the importance of budgeting and credit, and the responsibilities of being a homeowner.
“Partnering with L+M to make homeownership a reality for their hardworking team was such a natural fit for us. As the leading mortgage lender in New London County, we’re committed to preparing people to buy a home through our educational classes and resources, and helping them complete the purchase when it makes good financial sense for them,” said Michael Rauh, president and CEO of Chelsea Groton Bank. “For years, we’ve worked with New London-based organization ECHO (Eastern CT Housing Opportunities), and have offered down payment assistance and grants through state and national partnerships. We’re proud to be part of this wonderful incentive for L+M team members, and to help more people purchase a home and add to the vibrant community where they work.”
“The new HOME program launched by Yale New Haven Health, Lawrence + Memorial Hospital today is a great resource that will help make the dream of homeownership a reality for hospital employees in New London," said Mayor Michael Passero. "Helping to provide opportunities for homeownership gives people a chance to build equity and personal wealth for themselves and their families, and is one of the best ways to close the wealth gap. Homeownership is one of the most important ways for wealth to be passed from one generation to the next, and I am thrilled to see this program offered in our city."
L+M is the second hospital in Yale New Haven Health to offer the HOME program to its employees. Yale New Haven Hospital launched the program in 2006 and since then more than 190 employees have become first time homeowners through the program.
Lawrence + Memorial Hospital, a member of Yale New Haven Health, is a non-profit, 280-bed general and acute care hospital providing patient care to medical, surgical, pediatric, psychiatric and obstetrical patients in southeastern Connecticut and southern Rhode Island since 1912. Lawrence + Memorial offers cardiac acute, step-down and rehabilitation programs and is the only eastern Connecticut hospital that performs emergency and elective angioplasty. www.lmhospital.org
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