Announcement of New Down-Payment Assistance Program
May 23, 2018
Dear Colleagues,
I am excited to share with you that today the University announced a new pilot program designed to help eligible faculty members purchase their first homes.
We understand how challenging it is for our faculty to find suitable housing in this expensive region, and we are constantly searching for innovative ways to help solve this issue. You – our faculty – are the heart of our community, and we are proud to make another investment in your success by continuing to identify ways to address the housing challenges we know you are facing.
The new shared-equity, down-payment program will offer tenured faculty and senior lecturers, who meet specific eligibility criteria, up to $120,000 in down-payment support to buy a home. The pilot program will be financed through Santa Clara University’s endowment and will provide qualified homebuyers with this upfront down payment support in exchange for sharing in the appreciation (or depreciation) of the home's value at sale or refinance. The down-payment support is not a loan, so it does not add to debt, and there are no monthly payments. Homebuyers who remain employed by the University have up to 30 years to exit the program, typically through sale or refinance of the property.
This initiative complements several existing housing assistance programs, including rental support programs for assistant professors and renewable-term lecturers, as well as a mortgage subsidy program for tenured and tenure-track faculty.
For more information, please reach out to Laurene Skinner in the Provost’s Office. We are also offering informational sessions on Monday, June 11th at 12:15 pm in Lucas 125 and Tuesday, June 19th at 3:00 pm in Nobili Dining Room. RSVP links are included below:
Thank you for everything you do for the Santa Clara University community.
Dennis Jacobs, Provost and Vice President for Academic Affairs