IV. Fringe Benefits and Support for Research and Study
J. Faculty Housing Loans
Up to $650,000 of the College's endowment funds will be made available in the aggregate for loans to qualified members of the faculty for the purchase of homes for their own occupancy.
Qualified persons may apply for either a first mortgage or a second mortgage loan. Both types of loans cannot be carried at the same time. After a second mortgage loan has been completely repaid, a first mortgage loan may be applied for.
In no case shall the period of repayment be extended beyond the normal retirement date of the faculty member securing the loan. (Effective until December 31, 1993.)
The maximum amount of a single loan shall be $50,000. Mortgage loan rates will be at the next highest one-half point as determined by the previous week's average thirty-year U.S. Treasury Bond rate as published in the financial journals, the Wall Street Journal and the New York Times. This rate will be determined at closing.
Repayments shall be made monthly by deductions from the individual's salary check.
If all or any part of property covered by a College loan is sold or transferred without the prior written consent of the College, the College may, at its option, declare all sums still due to be immediately due and payable. In addition, if at any time during the term of the loan, the faculty or staff member leaves the employ of the College, the College may, at its option, declare all the sums secured by the deed of trust to be immediately due and payable.
"Qualified persons" shall be defined as follows:
1. Regular Status full-time members of the faculty as follows:
a. Instructors - after five years or promotion plus three years.
b. Assistant Professors - after four years or promotion plus one year.
c. Associate Professors - after two years or promotion.
d. Professors - after one year.
2. Full-time Professional Library Staff as Follows:
a. Head Librarian - after one year.
b. Others - after a period to be determined jointly by the Head Librarian, President, and Vice President for Finance and Administration but not to exceed five years.
3. Members of the Senior Staff– after one year. (See II.B.2.)
The "qualified" person must be the owner and occupant of the property on which the loan is made. Any exception to this requirement shall be made only when there are special circumstances and, in any case, for no longer than a period of time agreed upon by the Vice President for Finance and Administration and Treasurer of the College before the loan is made.
