Office of Loan Programs
University of California
Office of the President
1111 Franklin St., 6th Floor
Oakland, CA 94607-5201
The 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.
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.
The 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.
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.
In general, the eligible population for the Program consists of full-time University appointees who meet at least one of the following requirements:
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.