🔒Yale pledges $230M in voluntary payments to New Haven through 2033

Yale University announced it has committed to make more than $230 million in voluntary payments to the City of New Haven through fiscal year 2033 under a new six-year agreement. The payments represent an increase from a 2021 agreement that provided more than $135 million to the city over a similar period. Under the new plan, Yale’s annual voluntary payment will rise from about $30 million in fiscal 2028 to nearly $34 million by the end of the agreement. The university said it will also make a one-time $8 million increase in its voluntary payment during the current fiscal year. Yale, which is New Haven’s largest employer and property taxpayer, has made voluntary payments to the city since 1990 to help support municipal services. It also occupies a considerable amount of tax-empty property — $4.4 billion worth as of 2022, according to Yale News. In addition to the payments, Yale and city officials said they plan to collaborate on initiatives related to housing development, food insecurity, public space improvements and partnerships with local nonprofits. The plan also calls for joint city-university working groups focused on areas including economic development, long-term planning and information technology. Yale said it will study the feasibility of developing housing on some of its land. Yale President Maurie McInnis said the agreement reflects the university’s longstanding relationship with the city. “For the last three decades, our city and our university have worked hard to strengthen our partnership,” McInnis said in a statement. City officials said the agreement comes as New Haven faces rising costs and Yale prepares for higher federal taxes on its endowment.