COLLEGE HOUSING POLICY HAS BEEN REVISED
Revisions to the Program
In order to further promote active involvement in the College community, Executive Council has made some changes to the College Housing Program. These changes include:
(1) The ground lease duration will be reduced from 40 years to 12 years. This new time limit is to allow more employees the opportunity to live in College housing.
(2) As part of the selection process, interested parties will be required to submit a statement of how living close to campus will facilitate their future contributions to the co-curricular life of the College.
(3) The priorities for housing occupants have been updated as follows:
1. Tenure track faculty not currently owning a home.
2. Administrative staff working in student services not currently owning a home.
3. Tenure track faculty currently owning a home elsewhere*.
4. Administrative staff working in student services currently owning a home elsewhere*.
5. Tenured faculty.
6. Other administrative staff.
* Note: If an offer is accepted by the College that has as a contingency the prior sale of the faculty or staff member’s current home the College will continue to offer the property to others on the list. If a non-contingent offer is made by another person that is acceptable to the College the offeror of the contingent offer will be given one week to remove the contingency or the College will proceed with the non-contingent offer.
(4) When there is more than one eligible participant in the program wishing to acquire the same house, the decision will be made by the Vice President for Business and Finance based on the rankings and co-curricular contribution commitment.
(5) The College will provide mortgages to qualified buyers at a fixed interest rate.
The updated College Housing Program policy, details on the mortgage program, and a revised interested party form are attached for your review. Please let me know if you would like to be considered for the three houses that are available and your order of preference.
Please note that buyers may be eligible for a home buyer tax credit from the Federal government if a contract is signed by April 30, 2010. Check with your tax advisor.