Faculty Staff Housing and Relocation Services has been consulting with the campus community on new ideas for loans under the Program. Visit their website for updates and information on the proposed changes.
Faculty members shared their perspective on the June 2015 proposed revisions to the FHOP through survey responses, townhall meetings, and individual correspondence between June and December 2015. It was an invaluable part of understanding existing faculty insights regarding these potential changes.
On February 15, 2016, the Board of Governors received an information report summarizing this feedback.There was no final decision to approve the proposed revisions to the Faculty Home Ownership Program (FHOP).
The Administration will report back in September 2016 with further response to the feedback in context of the university’s strategic needs, program’s principles and goals and the university’s financial constraints.
The current Faculty Home Ownership program therefore remains operational in its current form for the present:
The 3-year pilot 2nd Mortgage Loan program will continue, including a 3rd new application cycle later this Spring, prior to review of that program pilot in 2017.
The $45,000 Down Payment Assistance and $50,000 Mortgage Interest Assistance programs also remain operational until further notice.