- Home Buyer’s Incentive Plan Application
- School Tuition Subsidy Application
- Day Camp Tuition Subsidy Application
Congregation Beth Israel of Malden has embarked on an ambitious program to attract young singles and families back to this historically Jewish neighborhood. The synagogue has created a special fund to make loans available to assist in the purchase of residential property in the community. Terms of the loans may vary, but nonetheless will be extremely favorable to the borrower.
Loan recipients are expected to participate as much as possible in weekday and Shabbat services and synagogue activities. The purpose of this program is to rebuild the neighborhood’s Jewish community, and that will require everyone’s active involvement. The synagogue reserves the right to evaluate the terms of each loan on an annual basis.
A potential buyer seeking to purchase a house for $325,000, for example, wants to make a down-payment of 10 percent—or $32,500—and then take out a mortgage for the remaining $292,500. The synagogue will lend the buyer the $32,500 for the down-payment under the following terms:
- For the first three years of the loan, 1% (one percent) interest on the amount of the loan—$325 in this case—is paid to the synagogue in a lump sum, monthly or quarterly installments.
- For the fourth through seventh years of the loan, 3% (three percent) interest on the amount of the loan—$975 in this case—is paid to the synagogue in a lump sum, monthly or quarterly installments.
- The principle of the loan is paid back to the synagogue in the eighth year. The amount of equity built up on the house should be enough to allow the loan recipient to take out a home equity loan or refinance the mortgage if necessary, to repay the balance of the synagogue’s loan.
- One-year extensions on this final loan repayment may be granted at the synagogue’s discretion.
If the house is sold before the loan is paid back in its entirety, the balance of the loan must then be paid in full with the sale of the property. Exceptions and extensions can be made at the synagogue’s discretion—especially if the loan recipient purchases another home in Malden. The synagogue would appreciate being consulted to assist in finding a buyer for the property to be vacated.
This is the opportunity of a lifetime to become a homeowner, build equity and plan for the future.
Home Loan Checklist
- Application – Complete an application for a shul loan.
- Rabbi’s Interview – Arrange a personal interview with the rabbi of the congregation.
- President’s Interview – Arrange a personal interview with the President of the congregation. The President will determine if you qualify for a loan—and for what amount. You will be notified of the results of your interview.
- Balloon Note – Once you are approved, your real estate lawyer will provide a “balloon note” — a legal contract — to the shul’s bookkeeper—outlining the terms of your loan from the shul. Your lawyer will arrange to have the mortgage recorded and other details that occur at the closing.
- Copy of Mortgage – Provide the shul with a copy of your mortgage from your lender.
- Receiving the Check – The shul’s bookkeeper will procure a bank check for the amount of your loan. Your lawyer should arrange a time and date for the transfer to take place.
- Repayment – Once you’ve received your loan check, mark on your calendar one year from that date. That’s the point when you’ll begin repayment. Your first payment, occurring in the second year of the loan, is one percent of the total amount you received from the shul.
About the Program
Congregation Beth Israel in Malden has created a special fund to subsidize the cost of approved Jewish day schools, up to a maximum of 30-50% or $4,500 per child for children in Nursery – grade 12, as well as the cost of approved Jewish Day Camps, up to a maximum of 40% or $750 per child, for children of members of the congregation. NB – This applies only to tuition and related expenses, such as registration. It does not apply to other extra fees and costs for children’s schooling, such as lab fees or books. Families that receive day school scholarships are expected to participate in synagogue services and activities.
Guidelines for Participation
The synagogue has set specific guidelines for participation in its programs to strengthen the mutual commitment between the congregation and its members. Recipients of scholarships are expected to make a good faith effort to attend the following services and activities:
- Shabbat morning: every week
- Weekday Shacharit (Sunday through Friday): at least once per week
- Weekday Mincha/Maariv (Sunday through Friday): at least once per week
- Chanukah party
- Purim Se’udah
- Shabbatons: at least one per year
- Lectures and video presentations; at least two per year
These guidelines exclude cases where attendance is prevented because of illness, severe weather or out-of-town travel.
Scholarships will be awarded to applicants who:
- Are active members of the congregation in good standing.
- Are current residents of Malden or immediate environs at the time of application.**
- Adhere to the guidelines for participation as listed in section 2.
Note: Failure to adhere to the guidelines listed above may result in the decline or delay of future tuition applications. The Scholarship Committee reserves the right to review the participation of the applicants on a semi-annual basis. If there are any concerns in regards to your status of participation, you will be notified by the Scholarship Committee.
** The Scholarship Committee reserves the right to extend exceptions to this requirement in situations where the applicant is an active member whose presence is beneficial to the community, even if he/she is not a resident of Malden or its immediate environs.
Before scholarship funds can be disbursed, recipients must provide
- One tuition application PER CHILD (Preferably, but not restricted to, filled out and submitted electronically from the new form on the synagogue’s website).
- A paid invoice or receipt from the day school.
- A record of any other financial assistance received for the same tuition.
The Jewish School Tuition Subsidy was designed to assist our congregants in paying for their children’s “fundamental” Jewish education. At Jewish schools, this education begins with nursery. Once a child has graduated high school, the education he/she receives is considered beyond the “fundamental” Jewish education, as it is more occupation-driven.
Therefore, Scholarships will be awarded for tuition of children who are:
- Attending a Jewish School deemed acceptable by the Rabbi and Scholarship Committee
- In the grades Nursery (school years beginning when the child is 2 years old) – 12.
Schools plan each year well in advance of the end of the previous year. Parents who enroll their children typically know before the end of their school year in which school their child is enrolled, and what they are obligated to pay for tuition. It is also common for parents to be required to begin paying tuition over the summer. As such, all applications need to be received by June 30. For extenuating circumstances, please contact the Executive Director.
Details to be added soon…