University Business - August 2006 - (Page 69)

Sweet Home By Carol Patton L AST YEAR, CATIE LASLEY, AGE 29, BECAME THE FIRST IN HER family to purchase a house. Throughout her childhood, her parents had always rented apartments. While attending college, she lived in a dorm. Even after she was married, she and her husband rented an apartment. Apartment living was their way of life, until last year when the couple TODAY'S CANDIDATES had a baby girl. Lasley says they wanted their daughter to have a stable home life instead of moving from apartment to apartment. But there was one obstacle standing in their way: money. The couple didn't have enough FOR CAMPUS cash for a down payment and closing costs. Then she learned about the assisted housing program offered by her employer, the University of Kentucky in Lexington. That program helped the cou- POSITIONS MAY ple afford the house of their dreams. I came across this program and it looked like a real option for us, says Lasley, the university's assistant manager of employment. It was a tremendous help to us WELL NEED in getting the quality of life we wanted. That's a great thing to say about this univer- sity that it helped me purchase my home. Affordable housing has been a hot topic among campus recruiters for many years. A BENEFITS PACKAGE Sky-high prices, housing shortages, and cheaper homes in crumbling neighborhoods have been a turn-off for many job seekers and a source of frustration for recruiters. Not willing to lose top talent to competing schools, some institutions are going all out WITH HOUSING by reaching out to community partners in creative ways. UK, for instance, formed an official town/gown partnership with the city of Lex- ington to build character within the downtown area and preserve old neighborhoods, ASSISTANCE. explains Bart Miller, the institution's benefits manager. Its three-year-old Live Where You Work program offers a loan that's five percent of a house's purchase price up to $15,000 to any faculty member who has a signed contract or staff member who has SOME INSTITUTIONS worked there for at least 90 days. The loans are forgiven at 20 percent each year and can also be used for renovation. But the homes must be located in designated areas close to the university, which also helps revitalize the surrounding community. ARE HEARING Miller says eligible employees must also complete a homeownership education program paid for by the university at discounted rates. Local counseling agencies offer a crash course on topics such as home inspections, credit maintenance, budget plan- THE CALL. ning, home maintenance, and creative finance options. So far, only five people have taken advantage of the program. But that will change over the next year as new housing developments begin to pop up in the community. We understood from the beginning when we introduced this program that it universitybusiness.com August 2006 | 69 FacltyHsng.indd 69 7/21/06 2:14:43 PM http://universitybusiness.com

Table of Contents for the Digital Edition of University Business - August 2006

Contents
College Index
Advisory Board
Company Index
Editor's Note
People Watch
Sense of Place
Stats Watch
Viewpoint
Financial Aid
On the Hill
Admissions
Future Shock
An Education in AV Technology
Retention Intentions
Endowment Management
Good Data In, Good Data Out
Sticking with the Tried & True
Home, Sweet Home
Faculty Issues in Online Education
Internet Technology
What's New
Calendar of Events
Direct Connect
End Note

University Business - August 2006