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Office of Loan Programs Supplemental Home Loan Program
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Supplemental Home Loan Program (Program) was established in March, 1993,
to provide below-market-rate secondary financing to assist eligible faculty
members and members of the Senior Management Group in the acquisition of
a principal place of residence. This Program may be used in conjunction
with the University's Mortgage Origination Program (MOP) loans or conventional
financing to reduce the cash down payment required to as low as five percent.
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A
loan of $2,000,000 has been made to the campuses from the University Fund
and the Educational Fund to provide initial funding for this Program. Each
campus is required to repay its principal portion of the allocated loan
funds, plus 6% annual simple interest, no later than June 30, 2010. Under
the Program, the campuses are authorized to augment this central funding
with discretionary funds from all legally-available fund sources, including
unrestricted and restricted gift funds and campus Foundation funds.
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Program is designed to provide flexibility to address the affordability
needs of borrowers and the funding capabilities of each campus. Campuses/labs
are authorized, within any restrictions imposed by federal/state laws and
regulations, to determine the loan size, interest rate, term and method
of repayment for each loan.
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Responsibility
for overall Program policy development and administrative guidelines resides
with the Office of Loan Programs (OLP) within the Office of the Assistant
Vice President--Facilities Administration. Campuses must use loan documents
developed and approved by OLP and administer the loans in accordance with
the provisions of the Supplemental Home Loan Program Manual.
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In
general, the eligible population for the Program consists of full-time University
appointees who meet at least one of the following requirements:
- are members
of the Senior Management Group; or
- are members
of the Academic Senate; or
- hold
academic titles equivalent to titles held by Academic Senate members;
or
- hold
the title of Acting Assistant Professor.
The
Chancellor or DOE Laboratory Director shall designate eligible individuals
for participation in the Program based on each location's determination
of its requirements for recruitment and retention. For more detailed
information,
please contact your Campus Housing Programs
Representative.
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