In order to help ease the burden of the cost of rental
housing in Boston, Partners HealthCare developed the Lease
Guaranty Program for Residents and Clinical Fellows at MGH,
BWH and SRH.
Partners will guaranty the payment to participating landlords
under specific circumstances of last month’s rent
and/or the security deposit for a combined total of the
lesser amount of two months rent or a maximum of $6,000
reducing the initial outlay required for a Tenant to enter
into a lease.
In return, the Resident or Clinical Fellow agrees to reimburse
Partners for any payment Partners is required to make under
the Guaranty.
The Guaranty has been negotiated with and accepted by over
40 landlords in Boston and the surrounding communities since
the program was developed in 2002.
Eligible Residents or Clinical Fellows may offer the Lease
Guaranty to any landlord they wish.
Any landlord who accepts and executes the required Partners
Lease Guaranty form “as-is” without modification
is eligible to participate in this program.
Residents and Clinical Fellows will be provided additional
information regarding the Lease Guaranty Program including
eligibility, process, terms and conditions and required forms
through key-code access from their MGH, BWH or SRH Program
Director.
Several points warrant consideration for participation in this program:
Partners is making a guaranty to cover certain potential costs that the Tenant would otherwise be obligated to pay. The guaranty does not relieve the Tenant from any lease obligation. The Tenant will reimburse Partners for any payments made by Partners to the Landlord on the Tenant’s behalf.
Tenant – Landlord issues are to be resolved by the Resident or Clinical Fellow and the Landlord. Neither Partners, MGH, BWH or SRH will become involved in negotiations with the Tenant and the Landlord. In general, payments to a Landlord will be made on demand (without any evaluation as to the validity of the claim) since the guaranty serves in lieu of funds that would otherwise be held by the Landlord. Payments made by Partners under the guaranty will be deducted from the Resident or Clinical Fellows paycheck.
The term of the Lease Guaranty is for one year with annual
renewal rights. The Lease Guaranty form needs to be re-executed
every year that the Resident or Clinical Fellow wishes to
participate in the program. If the Lease Guaranty form is
not renewed with Partners and the Landlord annually, the Guaranty
no longer is valid.
Once a Resident or Clinical Fellow is no longer enrolled
in the Graduate Medical Education Program, he/she is no
longer eligible for participation in the Lease Guaranty
Program.
