University Business September 2017 - 43

centage points less than their first mortgage. Applicants must be approved by the
institution and a local bank before signing
a 25-year note and having payments deducted via payroll automatically.
Curran estimates about 20 to 40 current employees have taken advantage of
the program.
University of San Diego faculty can
borrow 15 percent, at a competitive
loan rate, toward the down payment of a
median-price home through the Faculty
Home Buying Assistance Program. They
can choose their own lender but must put
5 percent down. The university has earmarked $1 million toward the program,
which covers the annual debt forgiveness,
interest rate subsidies and the closing cost
allotment.
Faculty often use the program to move
on from university rental housing. Since
its start in 2011, the program has assisted
approximately 60 employees.
Building inventory
When it comes to acquiring housing
units, many colleges and universities look
to buy local homes and nearby apartment
complexes or condos. Purchasing existing
homes can be more cost-effective than
starting from scratch.
But dealing with real estate taxes-
which often constitute a large percentage
of operating costs for a faculty housing
project-can be a challenge. Depending
on the state, high taxes can be avoided by
building on university property, driving
down rents and possibly providing more
revenue.
Institutions should always conduct
a market study before breaking ground,
says Jeffrey Resetco, vice president of real
estate development for EdR, a national
developer of collegiate housing.
"The most critical aspect of starting a
building project is knowing the people
you want to house-knowing what their
needs and desire are-ahead of time,"
says Resetco.
Campus leaders should determine facwww.universitybusiness.com

CAMPUS QUARTERS-The University of California has an array of on-campus
faculty housing units on its multiple campuses, including many rental units. The
university system also provides mortgage assistance and supplemental home
loans programs.

tors such as how many faculty and staff
have spouses and children, how many
have cars or ride bikes, or what amenities-such as grocery stores-are necessary, Resetco says. Most faculty prefer
to be among their peers and away from
undergraduates, while those with families desire outdoor spaces such as playgrounds or community gardens.
Faculty leadership should also be consulted regarding unit types, floor plans
and price points. Financial constraints
can be accommodated with smaller units.
Another factor to consider when developing faculty housing on campus is
parking. Parking construction costs can
vary from $4,000 per space for a surface
lot to $25,000 per space in an underground garage.
Putting out the welcome mat
Offering housing to faculty and staff is
not always necessary. Colleges in areas

with an abundance of fairly priced, easily accessible housing do not need such
programs.
For institutional leaders considering a
faculty housing program, however, sound
policy and procedures should be in place
before starting, says Curran of Middlebury. He recommends being flexible, too,
as there are different circumstances for
each individual.
"It's a great service that we provide to
our faculty and staff that is much needed
in our area," says Curran.
Ray Bendici is special projects editor of UB.

MORE ONLINE
UBmag.me/facultyhousing

Links to faculty housing programs at
various colleges and universities
September 2017 | 43


http://www.UBmag.me/facultyhousing http://www.universitybusiness.com

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
University Business September 2017 - 2
University Business September 2017 - 3
University Business September 2017 - 4
University Business September 2017 - 5
University Business September 2017 - 6
University Business September 2017 - 7
University Business September 2017 - 8
University Business September 2017 - 9
University Business September 2017 - 10
University Business September 2017 - 11
University Business September 2017 - 12
University Business September 2017 - 13
University Business September 2017 - 14
University Business September 2017 - 15
University Business September 2017 - 16
University Business September 2017 - 17
University Business September 2017 - 18
University Business September 2017 - 19
University Business September 2017 - 20
University Business September 2017 - 21
University Business September 2017 - 22
University Business September 2017 - 23
University Business September 2017 - 24
University Business September 2017 - 25
University Business September 2017 - 26
University Business September 2017 - 27
University Business September 2017 - 28
University Business September 2017 - 29
University Business September 2017 - 30
University Business September 2017 - 31
University Business September 2017 - 32
University Business September 2017 - 33
University Business September 2017 - 34
University Business September 2017 - 35
University Business September 2017 - 36
University Business September 2017 - 37
University Business September 2017 - 38
University Business September 2017 - 39
University Business September 2017 - 40
University Business September 2017 - 41
University Business September 2017 - 42
University Business September 2017 - 43
University Business September 2017 - 44
University Business September 2017 - 45
University Business September 2017 - 46
University Business September 2017 - 47
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University Business September 2017 - 49
University Business September 2017 - 50
University Business September 2017 - 51
University Business September 2017 - 52
University Business September 2017 - Cover3
University Business September 2017 - Cover4
University Business September 2017 - 58
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