Homeownership Program

SUNY Cortland Neighborhood Homeownership Pilot Program

As part of the Live in Cortland Initiative, SUNY Cortland presents the SUNY Cortland Neighborhood Homeownership Program. The program is designed to encourage all full time SUNY Cortland and Research Foundation employees to purchase and occupy homes in the designated neighborhoods surrounding the campus and along the I-81 entryway to campus.  

In these areas, SUNY Cortland has a disproportionate impact, interest and commitment to improve housing conditions and sustain quality, owner-occupied housing. This program supports SUNY Cortland’s academic mission by increasing accessibility of faculty and staff to our students. It also demonstrates the College’s commitment to the community by helping to stabilize the neighborhoods directly surrounding campus.

Program Description

The SUNY Cortland Neighborhood Homeownership Program provides up to five eligible employees with $4,000 to spend on the down payment or closing costs of an owner-occupied home. To receive this benefit, an employee must purchase a single-family residence within the defined neighborhoods.

Qualifying properties must be the sole and primary residence of the applicant.  Duplexes or any property that has more than one dwelling unit cannot be purchased through this program.* This benefit payment is considered income and will be taxed accordingly. Prospective buyers should check with their tax accountant to determine their personal tax consequences.

SUNY Cortland reserves the right to alter or discontinue the SUNY Cortland Neighborhood Homeownership Program at any time.

Eligibility

The SUNY Cortland Neighborhood Homeownership Program is available to all faculty and staff with full-time appointments.

The program only applies to homes purchased while employed by the College on or after July 1, 2016.

Process and Application

This benefit will be awarded on a first-come, first-served basis. Once an eligible employee has identified and submitted a purchase offer on an eligible property, a completed Neighborhood Homeownership Program Application (PDF) must be submitted to the Human Resources Office for approval. Upon notification of the application being approved, a copy of the signed purchase agreement must be submitted to the Human Resources Office. The benefit will be dispersed at closing. If after the 90-day period the applicant has not gone to closing, the applicant will have to request an extension or reapply.

Neighborhood Definitions

For confirmation that a specific property is located within the defined program boundaries, please review the map at the top of this page or contact the Human Resources Office.

* Awards will be granted at the discretion of the Vice President for Finance and Management. Questions about property qualification (on matters unrelated to location) should be directed to the Vice President for Finance and Management.

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