Human Resources and Community Relations are excited to announce an upcoming University Assisted Housing seminar in July 2019. The session is designed to help benefit-eligible faculty and staff members learn more about buying and owning property near campus. Interested in attending? Email Human Resources in order to attend the upcoming session:
- Tuesday, July 16: 12:00PM – 1:00PM | Center for Translational Research and Education, Room 152A (Health Sciences Campus)
- 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 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 $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.
- 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 homeowner.
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.
|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.