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- 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.
- 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 at least 30 days prior to closing.
- Must purchase a home (as primary residence) within the program areas. (No exceptions)
- 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 $1,000 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.
- Human Resources will respond to your application, and if eligible to participate, the next steps in the process will be noted. We also list the housing partner's contact information and we give them your information as well.
- Schedule and attend the Homebuyer Education and Counseling course conducted by our nonprofit partners, Northside Community Development Corporation, which administers the lakeside and Health Sciences program areas. These requirements should be completed at least 30 days prior to going through the closing process.
- Develop your own housing access plan during the One-on-One Mortgage Readiness Assessment conducted by our nonprofit partners.
- Alert your lender about the program requirements that include the secondary lien that will be placed on your new home by Loyola University Chicago until the obligations of the forgivable loan are fulfilled. This step is important as it may/may not impact how your primary loan is financed and determine whether or not this housing program is right for you.
- Nonprofit partner issues a home ownership education course completion certificate.
- Remember to contact the nonprofit partner at least 10 business days once you have a closing date scheduled.
- Human Resources verifies that you still meet UAH program eligibility requirements at time of closing. If you fail to meet the eligibility requirements at closing the loan will not be disbursed.
- You are required to sign a loan agreement and a promissory note with nonprofit partner at closing.
- UAH program funds issued at closing to your closing office—Faculty/staff member becomes a homeowner.
Vyctoria (Vyckie) Kranz
Northside Community Development Corporation
1530 W. Morse Ave
Chicago, IL 60626
Phone: 773.262.2290 ext. 14
West Cook Homeownership Center
5934 W Lake St
Chicago, IL 60644
|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|
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% Area Median Income (AMI) as of 04/2019, and is effective until superseded.
- Remains employed by the University,
- Maintains ownership interest in the purchased property,
- Continuously occupies the purchased property as the principal residence, and
- Does not refinance the property for cash.
- Understand that they will be taxed on the loan for five years.