Faculty Home Buying Assistance Program
In September 2011, the Board of Trustees approved the Faculty Home Buying Assistance Program (the Program). The Program’s primary objectives are to support the recruitment and retention of faculty by providing assistance with entrance into the San Diego homeowner’s market.
Administered by the Finance Office, the Program provides a tangible financial benefit to tenured faculty upon hire, and tenure-track faculty after the completion of 18 months of service. The faculty borrower must be using the program benefits to purchase a home located, within a 50 mile radius, of the university's main campus, which will serve as his/her primary residence. The faculty member must be a first time San Diego home buyer or have not previously owned a San Diego home in any of the last ten years. The Program includes forgivable down payment loans as well as first mortgage subsidies. Forgivable loans are intended to assist faculty with down payment funds, while subsidies are designed to temporarily reduce first mortgage payments in the event a faculty member already has down payment funds. Forgivable loans and subsidies give rise to taxable events that must be reported on the faculty member’s individual tax return. Program participants are strongly encouraged to consult their independent tax advisors with respect to tax consequences.
Please consult with a member of the Office of Budget and Treasury at email@example.com to obtain the latest information concerning benefit limits and availability, and to begin the application process. Program funds are budgeted annually on a fiscal year basis, and are granted to eligible and approved faculty members on a first-come, first-serve basis. Funds may not be available at the time an applicant becomes eligible and approved.
For a complete description of the Program, please read:
Faculty requesting participation in the Program must complete the Pre-Approval Application.