Faculty housing assistance programs
Since the late 1970's the University has been involved in assisting faculty in the purchase of homes as well as in providing rental units for faculty on some campuses. For purposes of minimal eligibility for these programs, a faculty member must be a Senate member or hold a title in an equivalent rank. In general, new faculty members are given priority in housing assistance. Funds are limited and not all requests can be approved. As of July 1994 there were four distinct programs for home ownership assistance. Brief descriptions of each program follow. For complete detailed information see the home loan coordinator on your campus.
Supplemental Home Loan Program
This program, administered by each campus, provides loans to assist eligible faculty in the acquisition of a principal place of residence. Campuses have flexibility in determining the type of loan including the term, interest rate, and method of individual repayment.
Salary Differential Housing Allowance Program
This program provides special housing allowances for up to $25,150 per eligible faculty member for housing related costs, including downpayment assistance or to help ameliorate the high costs of conventional loans through a special supplement to the monthly income during the first years of employment. The program is limited to those faculty who are within two years of their appointment to an eligible rank and who did not own their principal residence within a reasonable distance from campus on or after their appointment date.
Mortgage Origination Program
This program is designed to provide a stable source of financing for the purchase of homes by faculty at all nine campuses. The program provides 30 year variable rate loans at up to 90 percent of the value of the property. The program is limited to those eligible faculty who do not currently own and have not, within the 12-month period preceding the issuance of the loan, owned a principal place of residence within a reasonable distance from campus. Also the eligible faculty member must retain at least 50 percent ownership of the residence.
Campus developed and/or built for-sale housing
Several campuses have embarked on the development of for-sale housing on land owned by the University. In most cases the land will be leased to the purchaser of the unit. Ground rent payments for the land and purchase prices are established at a level to cover all costs of the developments and to assist in keeping the monthly housing costs lower than those for conventional projects. Thus far, the Berkeley, Irvine, Los Angeles, Santa Barbara, and Santa Cruz campuses have developed these projects.
Rental housing assistance
Currently there are faculty rental units at six of the campuses: Berkeley, Irvine, Los Angeles, San Diego, Santa Barbara, and Santa Cruz. Eligibility for these units is determined by each campus but the guidelines normally follow those for other faculty housing assistance programs. The type of funding that has been available to develop and build these rental units has enabled the campuses to provide rental housing at a moderate price often below the market rate of housing in the surrounding area. For more information see your campus housing coordinator.