Jennifer Clark 071210
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Transcript of Jennifer Clark 071210
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University Assisted Housing
2010 Regional Workforce Housing
“Bring Workers Home”
Minneapolis, MN
July 12, 2010
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Goals• Increase the access to and the affordability of housing for faculty and staff members near the Lake Shore Campus and Water Tower Campus.
• Enhance work-life balance by decreasing commuting time to and from campus and encouraging home ownership in areas served by public transportation.
• Improve quality of life for faculty and staff members 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 Chicago’s communities around the Loyola campuses.
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Structure
• Must be purchasing within approved geographic area.
• Must have one-year seniority and be a full-time, benefits-eligible employee with good prospects for continued employment.
• Must attend homebuyer education class and complete a mortgage readiness assessment with Rogers Park CDC.
• Must be able and willing to contribute $1000 or 1% of the purchase price.
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Geographic Boundary
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Loan ForgivenessIf you’re approved for a loan, you don’t have to
repay the loan, provided that you for five years from the date of purchase:
1) remain employed by Loyola UniversityChicago.
2) maintain ownership interest in thepurchased property.
3) continuously occupy the purchasedproperty as your principal residence.
4) do not refinance the property.
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Structure Matrix
Income Level Housing Zone A Housing Zone B
At or below 120% of Area Median
$10,000 $7,500
Above 120% of Area Median
$7,500 $5,000
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Advice
• Design a program that meets the needs of your staff.
• Include the right stakeholders in the design process.
• Listen to the experts.