Changes to Pilot Faculty Home Ownership Program (FHOP) Announced

On June 9, 2015, the UBC Board of Governors reviewed and adopted some changes to the existing pilot Faculty Home Ownership Program (FHOP). A brief summary of the changes and links to more detail can be found below:

1. Closure of Capped Appreciation Option

Effective June 10, 2015, UBC has closed the Capped Appreciation option of the FHOP. This change has come about due to changes in provincial regulations, introduced in September 2014.

2. The 2nd Mortgage Loan option of the FHOP remains unchanged.

The 2nd Mortgage Loan option is not affected by the provincial changes to the regulations. This option will continue as the three year Faculty Home Ownership Pilot Program and will be in effect until further review at the end of the pilot period.

3. Purchase Period Extension for Existing Cycle 1 Participants from September 15, 2015 to March 31, 2016

In light of uncertainty whilst the future of the Capped Appreciation option was addressed, a 6 month extension to the 15 month purchase period has been approved for all Cycle 1 participants who have not yet purchased a home through the FHOP.

If you have any questions regarding any of the above, please contact the Faculty Staff Housing and Relocation Services office at info.facultyhousing@ubc.ca or 604-822-5350.

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