Consultation with Faculty on Revisions to the FHOP

The University is consulting with faculty between July 14, 2015 to September 14, 2015 on the potential creation of a new tiered 10-year Prescribed Interest Rate Loan (PIRL) option within the Faculty Home Ownership Program, and phase out of the current Down Payment Assistance and Mortgage Interest Assistance Programs. View more information on the possible options on the Housing & Relocation Services website.

If you have 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.

New FHOP Loan Option Variations Under Discussion

On June 9, 2015, the UBC Board of Governors asked the Administration to develop, explore and consult on some new loan option variations within the FHOP based on the principles of continuing to support recruitment and retention of world class faculty, incentivizing faculty to live on-campus, tax efficiency (no taxable benefits) and effective use of capital and improved flexibility for faculty to choose location and type of property within the program.

  • Details of the proposed changes in that context will be available here on this website in July, 2015.
  • UBC encourages all faculty members to participate.
  • Faculty will be able to provide preliminary feedback through an on-line survey announced in July/August 2015.
  • Additional consultation opportunities will also be scheduled later in the Fall before any final decisions regarding these changes are considered by the Board of Governors.

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.

2nd Cycle of Faculty Home Ownership Program (FHOP) Set to Launch

The second cycle of the Faculty Home Ownership Program (FHOP) is set to launch for 2015. Below, please find a brief timeline with important dates. If you have any questions regarding the FHOP, please contact Sarah Tarcea, Housing Programs Coordinator at 604-822-5350 or info.facultyhousing@ubc.ca.

  • Monday, March 9, 2015: Application period begins. Prospective Applicants should review the eligibility requirements and application process before applying.
  • Sunday, April 26, 2015 at midnight: Application period ends. All applications are due no later than midnight, Sunday, April 26, 2015
  • Monday, May 4, 2015 – Sunday, May 31, 2015: Deans review applications from faculty in their departments
  • Mid-June, 2015: The Faculty Housing Allocation Committee meets to review the Deans’ recommendations and make final decisions on applications
  • Tuesday, June 30, 2015: Applicants notified no later than this date by their Deans as to whether or not their applications have been approved
  • Dates TBD (likely first week of July): Two information sessions held for approved faculty to provide more information on next steps

 

New Provincial Regulations Impact on FHOP Restricted Resale Capped Appreciation Option

Recently, the Province issued new regulations to BC’s Real Estate Development Marketing Act (REDMA). These new regulations impact the Restricted Resale Capped Appreciation option within the Faculty Home Ownership Program. The University is currently evaluating these implications and will provide further information early in the New Year. Until then the Restricted Resale Capped Appreciation option is being deferred.

For those interested in the 2nd Mortgage Loan option of the Faculty Home Ownership Program, this option remains on course. If you have any questions in the meantime, Housing & Relocation Services staff are able to provide advice and assistance about your other housing options. Please contact Sarah Tarcea, Housing Programs Coordinator at 604-822-5350 or sarah.tarcea@ubc.ca.