Housing loan program now open to staff membersBetter terms, special programs also announced The University has implemented major changes in its housing loan program, making the program available to all full-time employees for the first time and introducing more flexible terms. In addition, a new special program has been targeted to the revitalizing areas of Woodlawn and North Kenwood.
The program is available to full-time faculty and now full-time staff who have been at the University for at least one year, as well as new staff who need to relocate to accept a position here.
Boundaries for eligible home purchases, including apartments, have been extended to 43rd Street and 63rd Street, east of Cottage Grove; flexibility will be provided to purchasers who have found houses in the areas immediately adjacent to those boundaries.
The loan amortization rate has been extended to 20 years, lowering monthly payments for second mortgages.
The special program for the revitalizing areas of North Kenwood and Woodlawn make it possible to purchase a home with a 3 percent down payment of the purchase price with a 2 percent loan from the University. This financing is in conjunction with a 95 percent bank mortgage.
For more information on these loan programs and housing available in Hyde Park, North and South Kenwood and Woodlawn, call the Housing Services at 702-3420.