Real Estate & Faculty Housing
The Rental Assistance Program partially subsidizes rent with the faculty member contributing 25% of gross monthly household income. Size of household determines degree of assistance. Security deposit advances are also available.
Home Purchase Assistance in the form of a 2nd Deed of Trust in the amount of $150,000 plus $3000 towards non-recurring closing costs is available upon awarding of 2nd year contract. The loan is forgiven over a 10 year period. Property must be within a 50 mile radius of campus and borrower cannot own other property. The loan program does carry certain income tax implications.
Complete disclosure statements for both Rental Assistance and Home Purchase Assistance for Tenure and Tenure-Track faculty are available upon request.
Please contact Kirsten Andresen, Director of Real Estate and Faculty Housing for additional details.
You are urged to consult with your tax advisor to evaluate financial and tax implications associated with these taxable events. Additional information may be obtained frm the IRS website www.irs.gov