In response to consultation with faculty, recruiters, and the Board since June 2015, and strong interest in a more flexible loan program for recruiting and retention purposes, a new loan option has been approved Dec 2016 as part of the 10-Year Faculty Housing Strategy with target date for implementation in April 2017: the Prescribed Interest Rate Loan Program (PIRL). These loans are meant to give faculty greater flexibility to purchase homes both on and off campus, in a way that does not generate taxable benefits for faculty participants.
The PIRL option would provide approve tenured or tenure stream faculty a one-time loan to assist with purchase of principal residence home anywhere in Metro Vancouver (also must be their only residence in Metro Vancouver), in a form that would be repayable in 15 years or at end of their employment with UBC, whichever comes first. Loans would average $250,000 but could range from $50,000 to, in rare cases, up to $500.000 at discretion of the Provost Office.
The detailed Eligibility and Allocation guidelines to guide program access has been approved by the Board of Governors in February 2017*.
The proposed PIRL option will be stackable with the existing Down Payment Assistance (DPA) program, where participants are also eligible for the DPA .
More detail on earlier consultation input in the development of this PIRL option, can be found in the 2015 Faculty Consultation report.
*Note: PIRL Transition Option for Pre-approved 2nd Mortgage Loan Participants who have not yet purchased in Metro Vancouver
Approved participants in the 2nd mortgage loan program continue to be eligible to purchase under original program terms until the end of their respective approved term (March 2017 for Cycle 1 and 2 participants and Septermber 2017 for Cycle 3 participants) or, if they have not yet purchased a home in Metro Vancouver, they can alternatively opt to use a Prescribed Interest Rate Loan (PIRL) value $250,000 or 33% of the value of the home purchase, whichever is less, to be exercised within 5 years.