| Overall Rating | Silver - expired |
|---|---|
| Overall Score | 61.45 |
| Liaison | Austin Sutherland |
| Submission Date | May 1, 2014 |
| Executive Letter | Download |
University of Pennsylvania
OP-T2-35: Local Housing
| Status | Score | Responsible Party |
|---|---|---|
|
0.25 / 0.25 |
Does the institution have incentives or programs to encourage employees to live close to campus?:
A brief description of the incentives or programs:
The University’s commitment to urban revitalization is deeply rooted in an understanding that the health and vitality of the University is inextricably linked to maintaining a diverse, safe and thriving urban community. Since the University's commitment to home ownership began in 1965, over 1400 individuals and families have participated in programs designed to encourage faculty and staff to live close to campus.
The Office of Penn Home Ownership Services offers eligible employees the opportunity to apply for financing for home purchases as well as rehabilitation in the West Philadelphia area. They also offer refinancing options with lending partners, home improvement grants, loans, educational workshops and a variety of other resources. Penn Home Ownership Services is committed to ensuring that the University community receives quality services that will assist prospective buyers and current home owners in making informed decisions. Penn Home Ownership Services currently offers two programs - the Enhanced Forgivable Loan Program and the Closing Cost Reduction Program.
Penn established the Enhanced Forgivable Loan (EFL), a $7,500 forgivable loan, as an incentive for faculty and staff interested in living and/or currently residing in the West Philadelphia community. These loans can be used for closing costs, down payment, to buy down points, and/or for interior or exterior home improvements. In addition, the loan can be used to convert a property from a multi-family to a single-family residence. Existing home owners may apply for the $7,500 loan for improvements to houses valued at the current median price of homes in West Philadelphia.
The Closing Cost Reduction Program (CCRP) offers mortgage financing options with discounted closing costs (.25% of mortgaged amount) to the University community for the purchase and refinancing of homes. In partnership with its current mortgage partners, PHOS can help eligible University and Health System employees save on closing costs when purchasing a home in West Philadelphia within Penn’s boundary area.
The website URL where information about the incentives or programs is available:
Data source(s) and notes about the submission:
The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to stars@aashe.org.