In 2016, the University worked on re-energizing the faculty rental and home ownership programs to expand the options for our faculty members. Click here to learn more about this implementation strategy update that will start making tangible improvements immediately.
Helping to Make Home Ownership More Affordable
The Faculty Home Ownership Program (FHOP) is that part of the Housing Action Plan (HAP) that focuses on home ownership support for faculty. It provides some loan options to help make home ownership more affordable for approved full-time faculty. Please refer to each option for differing details on eligibility and application procedures.
- Down Payment Assistance ($45,000) or Mortgage Interest Assistance ($50,000) -Down Payment Assistance program is renewed and will increase from $45,000 to $50,000 effective July 1, 2017. Mortgage Interest Assistance program is discontinued. Click here for the update.
- Prescribed Interest Rate Loan Program – this program to replace the 2nd Mortgage Loan pilot, is expected to be operationalized in early 2017. Click here for the update.
- 2nd Mortgage Participating Interest Loan (Up to 33%) – 3 year pilot program is completed and will not be extended. This program will be replaced with the Prescribed Interest Rate Loan Program as part of 10 year faculty housing strategy.
Click here for the Faculty Home Ownership Program comparison table.
If you require further information or have any questions regarding UBC’s Faculty Home Ownership Program, please contact email@example.com.