Loyola’s University Assisted Housing (UAH) Program is designed to encourage home ownership near campus specific locations (Lake Shore and Water Tower campuses and the Health Sciences Campus) by assisting eligible Loyola faculty and staff with closing costs and down payments for the purchase of a home or condo as a primary residence. Employees do not have to be first time buyers to take advantage of this great benefit.
Loyola’s housing program partners with the Northside Community Development Corporation and the West Cook Homeownership Center to educate and prepare all participants for home ownership, as well as to connect Loyola faculty and staff with available University, city, county, and state funding in order to make home ownership a reality.
Each year, the program will provide up to 25 faculty and staff members with a five-year forgivable loan of up to $10,000; however, the amount of the loan given will depend on the faculty or staff member’s median household income (HUD MHI Table) and the purchase location (Lakeside Program Areas MapHealth Sciences Program Areas Map). Our program does not have income limits. Employees will be eligible for the lower or higher loan amount dependent on the two variables mentioned above.
Use the above links to find out more information about this great benefit, or contact the Human Resources Benefits Team at 312.915.6175 or firstname.lastname@example.org.
- Increase the access to and the affordability of housing for faculty/staff near the Loyola Campuses.
- Enhance work-life balance by decreasing commuting time to and from campus and encouraging homeownership.
- Improve quality of life for faculty and staff by facilitating home ownership.
- Increase involvement in campus life (curricular and extra-curricular events & programs) by encouraging faculty and staff to live near campus.
- Invest in neighborhoods and communities around the Loyola campuses.
Download the Housing Brochure for more information.
Employees must meet ALL of the following criteria in order to be eligible for the UAH program loan:
- Must purchase a home (as primary residence) within the program areas
- Must have completed one year of full-time, benefits-eligible service with Loyola University Chicago
- Must be an employee in “good standing” and with prospects of continued full-time employment
- Must attend UAH’s Homebuyer Education and Counseling session (8 hours); attend a One-on-One Mortgage Readiness Assessment, conducted by our non-profit partners; and demonstrate a commitment to working with the UAH Program by meeting pertinent regulations stipulated by participating lenders, including, but not limited to, credit counseling and additional education
- Must be able to qualify for mortgage financing with an interest rate of no more than 200 basis points above the Fannie Mae conventional 30 year mortgage rate
- Must be able and willing to contribute at least $1000 or 1% of the purchase price, whichever is greater, from their own savings
- Complete the eligibility application here.
- Human Resources verifies that you meet the eligibility requirements.
- Schedule and attend the Homebuyer Education and Counseling course conducted by our nonprofit partners, Northside Community Development Corporation, which administers the lakeside program areas, and West Cook Homeownership Center, which administers the Health Sciences program areas.
- Develop your own housing access plan during the One-on-One Mortgage Readiness Assessment conducted by our nonprofit partners.
- Nonprofit partner issues a home ownership education course completion certificate.
- Remember to contact the nonprofit partner once you have a closing date scheduled.
- Human Resources verifies that you still meet UAH program eligibility requirements at time of closing.
- You sign a loan agreement and a promissory note with nonprofit partner at closing.
- UAH program funds issued at closing—Faculty/staff member becomes a home owner.
A required Homebuyer Education and Counseling course and the One-on-One Mortgage Readiness Assessment are both offered by our non-profit partner, Northside Community Development Corporation, which administers the Lakeside program areas and West Cook Homeownership Center, who administer the Health Sciences program areas.
The homebuyer course covers topics of budgeting, credit, shopping for a home, purchase contracts, mortgage comparison, real estate professionals, closing, property taxes, refinancing, and assistance programs available in the Chicago region. After completing the Homebuyer Education and Counseling course, employees can then schedule the one-on-one mortgage readiness assessment with our nonprofit partners. This is where employees will develop their own housing access plans by reviewing budgets, determining mortgage prequalification amounts, and pulling credit reports.
If you want to purchase a residence in the Lakeside program areas, please contact Vyckie Kranz at the Northside Community Development Corporation to register for the homebuyer education course and the one-on-one mortgage readiness assessment.
Vyctoria (Vyckie) Kranz
Northside Community Development Corporation
1530 W. Morse Ave
Chicago, IL 60626
Phone: 773.262.2290 ext. 14
If you want to purchase a residence in Health Sciences program areas, please contact Marz Timms at the West Cook Homeownership Center to register for the homebuyer education course and the one-on-one mortgage readiness assessment.
Homeownership & Financial Services Director
West Cook Homeownership Center
7740 W. Madison Street
Forest Park, IL 60130
Each year, the program will provide up to 25 eligible faculty or staff with a five-year forgivable loan of up to $10,000; however, the amount of the loan given will depend on the faculty or staff member's median household income (MHI) and the geographical location of the purchase location, as described below:
|Income Level||Target Area A||Target Area B|
|At or below 120% of MHI||$10,000||$7,500|
|Above 120% of MHI||$7,500||$5,000|
*Please refer to the program map for target areas.
To calculate household median income count all the individuals who will live in the home, and include all of their gross (pre-taxed) income in the overall household income. *The above chart shows 120% AMI as of 12/2012 and is effective until superseded.
If approved for a loan, a faculty or staff member does not have to repay the loan, provided that for five years from the date of purchase:
- Remains employed by the University
- Maintains ownership interest in the purchased property, and
- Continuously occupies the purchased property as the principal residence
- Does not refinance the property for cash.
If a faculty or staff member fulfills the requirements noted above for five years, there is no obligation to pay back any money. However, in the event a faculty or staff member does not satisfy these requirements, any amount that has not been forgiven will become immediately due.
During the five years following the employee’s date of purchase, 20 percent of the loan amount will be forgiven each year. The amount of the loan that is forgiven in any one year constitutes taxable income to the employee. Faculty and staff members will see the imputed income (forgiven loan amount) added to their paychecks and appropriate federal, state and social security taxes withheld.