University Assisted Housing 2010 Regional Workforce Housing “ Bring Workers Home” Minneapolis, MN July 12, 2010
Goals • Increase the access to and the affordability of housing for faculty and staff members near the Lake Shore Campus and Water Tower Campus. • Enhance work-life balance by decreasing commuting time to and from campus and encouraging home ownership in areas served by public transportation. • Improve quality of life for faculty and staff members by facilitating home ownership. • Increase involvement in campus life (curricular and extra-curricular events & programs) by encouraging faculty and staff to live near campus. • Invest in Chicago’s communities around the Loyola campuses.
Structure <ul><li>Must be purchasing within approved geographic area. </li></ul><ul><li>Must have one-year seniority and be a full-time, benefits-eligible employee with good prospects for continued employment. </li></ul><ul><li>Must attend homebuyer education class and complete a mortgage readiness assessment with Rogers Park CDC. </li></ul><ul><li>Must be able and willing to contribute $1000 or 1% of the purchase price. </li></ul>
Loan Forgiveness <ul><li>If you’re approved for a loan, you don’t have to </li></ul><ul><li>repay the loan, provided that you for five years from the date of purchase: </li></ul>1) remain employed by Loyola University Chicago. 2) maintain ownership interest in the purchased property. 3) continuously occupy the purchased property as your principal residence. 4) do not refinance the property.
Structure Matrix Income Level Housing Zone A Housing Zone B At or below 120% of Area Median $10,000 $7,500 Above 120% of Area Median $7,500 $5,000
Advice <ul><li>Design a program that meets the needs of your staff. </li></ul><ul><li>Include the right stakeholders in the design process. </li></ul><ul><li>Listen to the experts. </li></ul>
Jennifer Clark Director of Community Relations [email_address]