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SCU announces $12.3 million program to ease housing costs for newer faculty
Thursday, Dec. 7, 2000
SANTA CLARA, Calif., Dec.7 - Santa Clara University today announced a $12.3 million housing assistance program that offers tenure and tenure-track faculty a variety of rental and purchase assistance plans.
The program, approved by the University Board of Trustees, began processing applications in late November.
The new University Housing Assistance Programs "recognize the importance of affordable housing in Silicon Valley, and enable the University to continue to recruit and retain highly qualified faculty and staff," according to Robert Warren, vice president for administration and finance.
The program specifically targets new or recently hired faculty who have been identified as candidates for tenure, or who recently received tenure. Under the plan, the University provides money in addition to salary and benefits for fixed periods in four ways:
An individual can be eligible for the rental program and one of the purchase programs.
Here is an an example of how the program might aid a faculty member who meets the University eligibility criteria:
Eligible faculty must show a good credit history and be approved by the University's designated lender, Wells Fargo Home Mortgage. The rental assistance program will be administered by the University. In most instances, the housing assistance is limited to housing within 10 miles of the University.
Wells Fargo will make the first loans for both the purchase assistance programs and the equity share program. The SCU program is similar to ones that Wells Fargo has developed for Silicon Valley high tech companies.
"As the leader in providing innovative home financing programs, we pride ourselves in developing customized solutions to meet the needs of our clients, no matter what their circumstances are," said Susan A. Davis, senior vice president of Wells Fargo Home Mortgage. "With Santa Clara University, we are pleased to have provided the perfect solution for their faculty's housing needs."
The new SCU program was developed by a committee chaired by Silicon Valley developer and SCU trustee John A. Sobrato, and included the SCU dean of the College of Arts and Sciences, Peter A. Facione, and James Blair, a member of the SCU Board of Regents and another local developer.
In the past decade, SCU faculty and staff have obtained rentals in 60 SCU-owned units at favorable market rates, and the University has provided about $1 million in rental support to approximately 100 new or incoming faculty.
Santa Clara University, the oldest institution of higher education in California, is a private Catholic Jesuit university with approximately 415 full-time faculty and 4,500 undergraduate and 3,200 graduate students. Home to the Mission Santa Clara de Asis, the university celebrates its 150th anniversary in the 2000-2001 academic year.
Based in Des Moines, Iowa, Wells Fargo Home Mortgage, Inc., is a subsidiary of Wells Fargo & Company (NYSE: WFC). It is a leading originator and servicer of residential mortgages, with a presence in more than 1,200 mortgage and Wells Fargo bank stores serving all 50 states.
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