University Business September 2017 - 42

CAMPUS FINANCE Welcome HOME
out on-campus condos or off-campus
single-family homes to providing supplemental home loan assistance.
Getting settled
Providing a reasonably priced place to
live on or near campus-or helping new
faculty find a home-can be an attractive
benefit when it comes to recruiting.
"We run into sticker shock all the
time-Southern California real estate is
extremely nuts," says University of San
Diego real estate manager Mary Timm,
who manages the rental properties and a
home-buying assistance initiative.
An annual rental survey ensures the
university's units are in line with the local
market. In helping new faculty transition
into the area, officials at the institution
don't want to overcharge, but they also
don't want to create a false sense of local
housing prices. The university does not

Faculty housing
program models
An institution may choose a single
model for handling faculty housing
needs, or a mix of options if that suits
the population best.
The University of California system,
for example, has nine campuses and
multiple faculty housing choices
to meet the distinctive needs of its
institutions, including:
* rent assistance for units on UC
campuses
* rental homes developed by the
institution on university-owned land
* a supplemental loan program to help
eligible faculty buy homes
* a faculty recruitment allowance
program that provides funds to help
new faculty with housing costs
* a mortgage origination program for
first-time buyers in the campus area
42 | September 2017

supplement local rent, as some institutions do.
Approximately $100,000 is budgeted
annually toward the maintenance of rental units, which comes out of the rental
income received on the units. Timm
works with 10 to 12 incoming faculty in
any given year, although not all end up in
university rentals. Faculty with children,
for example, sometimes prefer neighborhoods in certain school districts. Timm
shares floor plans and pictures of available units, accompanies faculty on walkthroughs, and refers those who need different accommodations to relocation specialists. As a native San Diegan, she serves
as a go-to resource for all things local.
"I like being able to share that knowledge with new faculty when they're trying
to find a place to live," Timm says. "I can
help them get an idea about where they
would be most comfortable."
Relieving rural barriers
Institutions in less populated areas face
some of the same issues when it comes to
faculty housing-but scarcity, rather than
affordability, is the main hurdle.
Finding a place to live within a
40-minute drive of Middlebury College
in Vermont, for example, is especially
challenging for faculty and staff new to
the area.
The institution owns 75 rental units-
a mix of apartments and single-family
houses-that it leases exclusively to employees, at a range of prices. All tenants
sign year-to-year leases on the units, with
a limit of six years, or one year after the
faculty member gets tenure, whichever
is less. The units average 95 percent occupancy, says Matt Curran, Middlebury's
director of business services. He oversees
the faculty and staff housing program and
is assisted by an operations manager who
handles day-to-day tasks (including general maintenance, payroll deductions for
rent, and tenant communication).
"For these faculty and staff members,
you're their landlord in addition to be-

ing their employer, so it's an interesting
dynamic," says Curran. For example, he
cites the proximity of some units to student housing that can raise issues about
noise complaints.
Incoming Middlebury faculty and
staff enter a lottery in which they rank
available rentals by preference. Curran
and his assistant try to match units with
applicants, but draw names from a hat if
more than one person is interested in the
same property. All applicants will end up
with housing, and if they want a different
unit, they can apply to move in March.
Supporting buyers and renters
A number of institutions help new faculty buy homes.
The residential purchase plan at Princeton, for example, helps eligible faculty
and staff purchase homes near campus
at a fair-market price directly from the
university. The program is managed by
Princeton's Housing and Real Estate Services office and comprises 160 properties
bought and sold exclusively among the
institution's faculty and staff.
Columbia University, located in New
York City, offers the Provost's Housing
Assistance Program to help eligible faculty purchase or rent a property within
commuting distance of the institution.
The program includes an income supplement (including $40,000 for a down payment or $22,000 annually for housing
costs); a forgivable 10-year loan program
in which the principal and interest is forgiven in equal annual installments; and a
second-mortgage program.
Middlebury College also has a secondmortgage program to help faculty and
staff buy their first home in the area. The
resident is responsible for securing a first
mortgage on the house in the Middlebury
area, usually for 50 percent of the value.
The college then works with the faculty
member to secure another mortgage of
up to $150,000 or the amount of the first
mortgage (whichever is less), and offer
that at an annual interest rate of 2 perwww.universitybusiness.com


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Table of Contents for the Digital Edition of University Business September 2017

University Business September 2017 - Intro LOC
University Business September 2017 - Cover1
University Business September 2017 - Cover2
University Business September 2017 - 1
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University Business September 2017 - Cover3
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University Business September 2017 - 58
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