Eligibility for the Faculty Home Ownership Program is limited to full-time faculty that do not own homes in the Metro-Vancouver area, with priority for tenured & tenure-track whose recruitment or retention is of critical strategic importance to the University.
Due to the limited number of loans available under the Program, faculty must be carefully selected through a transparent process that meets the University’s strategic recruitment and retention needs.
A Faculty Housing Action Plan Policy Development Committee (chaired through the Provost Office) was established to develop faculty eligibility, allocation and occupancy policies that would guide distribution and repayment of the loans. This manages the benefits of the program in a fair and strategic way to ensure it continues to endure to benefit future generations of faculty. The Board of Governors approved these policies on February 4, 2014, following a consultation process with UBC faculty in November 2013. Housekeeping amendments to remove obsolete references to the Capped Appreciation option were approved June, 2015.
Eligibility for the pilot Program is limited to full-time faculty. Tenured, and tenure-track faculty, including grant-tenured and grant-tenure-track faculty are given top priority. This group is typically recruited from outside of Metro Vancouver and housing is often a key consideration in their decision to join and remain at UBC. Given the limited supply of available funds that can be dedicated to the Program, the allocation of these loans shall be guided by and clearly reflect UBC’s strategic goals and priorities in recruitment and retention.
For the purpose of assessing the strategic importance to the University of recruiting or retaining a faculty member, and in deciding eligibility for the Program, allocation decisions will take into account:
- the University mission and objectives outlined in the UBC Place and Promise Strategic Plan (and, in the future, equivalent strategic documents);
- priorities identified by the relevant Faculty and academic unit in their strategic plans and their operational needs; and
- the risk of a faculty member whom the academic unit desires to recruit/retain accepting employment elsewhere because of unavailability of affordable housing in Vancouver.
Allocation of loans will be based on the following priorities:
- Approximately 50% of loan funding will be targeted for recruitment purposes and 50% for retention purposes, subject to demand.
- Recruitment loan funding should be given to newly employed full-time tenure-track/tenured faculty of strategic importance to UBC.
- Retention loan funding should be given to existing full-time tenure-track/tenured faculty within the professorial and professor of teaching streams whose retention is determined to be of critical strategic importance to UBC.
Given to other existing full-time tenured and tenure-track faculty in the professorial and professor of teaching streams.
Given to existing full-time faculty, other than full-time tenured and tenure-track faculty, in the professorial and professor of teaching ranks, including full-time librarians and Continuing Studies program directors.
Notwithstanding these priorities, at any time, a 2nd Mortgage Loan may be allocated, on the recommendation of a Dean and with the approval of the Provost, for a high priority recruitment and/or retention situation. View the policy document for more information on these allocation priorities and the Provost prerogative (see Section 3.1).
Allocation Review Process
The loan will be initiated within the Faculties, but will be centrally facilitated by a university Allocation Committee. Only newly recruited and existing faculty members who meet the eligibility criteria, and who have applied for the Home Ownership Program, will be considered.
Each Faculty will be responsible for its own internal process of reviewing applicants and ranking its recruitment and retention priorities in the form of a ‘Proposed Candidate List’ for consideration by the Allocation Committee.
The Allocation Committee, chaired by the Provost or designate, will draw on appropriate representation from Faculties and receive the ‘Proposed Candidate List’ from each Faculty for review and consideration. Once approved by the Allocation Committee, faculty will need to demonstrate their ability and willingness to meet lending conditions and eligibility criteria.
Full details of the allocation process can be found in the complete policy document (see Section 3.2).
The Faculty Housing Allocation Committee
The Faculty Housing Action Plan Policy Development Committee recommended that a new committee, the Allocation Committee (AC), be established to identify the successful candidates for positions on the Approved List for the Program each year and to rank other successful recruitment or retention candidates on the Wait-List for when the next funding cycle occurs or monies become available, pursuant to this Policy. More information on the responsibilities of the AC can be found in the complete policy document (see Section 4.2).
A number of policies were also developed to guide the university in determining the reasonable conditions under which a faculty member might remain in a home on campus purchased through the UBC Home Ownership Program based on recruitment and retention priorities, but exclusive of the typical legal and financial conditions in the mortgage and lease agreements. These policies, developed by the Faculty Housing Action Plan Policy Development Committee, defined the range of employment or life change circumstances that would trigger repayment of the loan to keep the resource recycling for the benefit of future faculty and UBC strategic objectives. The 30 year maximum repayment period for the 2nd Mortgage Loan, were beyond the scope and influence of this committee.
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