SANTA CLARA, Calif.--(BUSINESS WIRE)--Santa Clara University announced today the implementation of a new pilot program designed to help faculty members purchase their first homes. The shared-equity down-payment program will offer eligible tenured faculty and senior lecturers, who meet specific eligibility criteria, up to $120,000 in down payment support to buy a home. The initiative builds on several existing housing assistance programs offered by the University, including rental support programs for assistant professors and renewable-term lecturers, as well as a mortgage subsidy program for tenured and tenure-track faculty.
“It is no secret that overwhelming housing costs in the Bay Area are a monumental challenge to our community here at Santa Clara University,” said Santa Clara University President Michael Engh, S.J. “I am proud that we are confronting this reality by launching this one-of-a-kind housing program. Our next step will be to prioritize a similar innovative opportunity for our staff.”
The pilot program—which will be financed through Santa Clara University’s endowment—will provide homebuyers with upfront down payment support in exchange for sharing in the appreciation (or depreciation) of the home's value at sale or refinance. The down-payment support is not a loan, so it does not add to debt and there are no monthly payments. Homebuyers who remain employed by the University have up to 30 years to exit the program, typically through sale or refinance of the property.
“Santa Clara University understands how challenging it is for our faculty to find suitable housing in this expensive region, and we are constantly searching for innovative ways to help solve this issue,” said Provost Dennis C. Jacobs. “Our faculty are the heart of our community, and, in launching this new program aimed at solving their housing challenges, we are proud to be making another investment in their success.”
“Landed Housing Solutions is thrilled to partner with Santa Clara University to help the institution address faculty housing needs by administering the University's new down-payment support program,” said Ian Magruder, director of partnerships for LHS.
LHS has deep experience in managing employer-financed down payment assistance funds, and its parent company Landed has previously launched foundation-support programs for public educators across the Bay Area. This partnership is LHS’ first with a university.
About Santa Clara University
Santa Clara University, a comprehensive Jesuit, Catholic university located 40 miles south of San Francisco in California’s Silicon Valley, offers its more than 9,000 students rigorous undergraduate curricula in arts and sciences, business and engineering; master’s degrees in business, education, counseling psychology, pastoral ministry and theology; and law and engineering doctoral degrees. Distinguished nationally by one of the highest graduation rates among all U.S. master’s universities, California’s oldest operating higher-education institution demonstrates faith-inspired values of ethics and social justice. For more information, see www.scu.edu.
About Landed Housing Solutions
Landed Housing Solutions (LHS) works with employers to administer customized down payment programs, set eligibility criteria, and provide back office support to deploy the funds.