Program Summary
The University of Kentucky operates an employer assisted housing program for eligible employees. This program provides “forgivable loans” of up to $15,000 to eligible employees for down payment, closing cost, rehabilitation and renovation assistance for the purchase of houses, condominiums, town houses and duplexes in the designated neighborhood revitalization areas. The loans will be secured by a lien on the property. Each participating employee agrees to live in the home purchased through this program for at least five (5) years, after which the lien will be removed.
Eligibility
The following employees are eligible for this program: 1) Regular full-time faculty at the rank of instructor or assistant professor are eligible immediately upon the receiving a contract for the academic year, or 2) Regular full-time staff employees at grade level 46 or below are eligible after completing the 90-day, new employee orientation period.
The normal asset limit for employees to participate in this program is $60,000. These assets include, but are not limited to, real property or equity in real property, stocks, bonds, certificates of deposit, shares in mutual funds, and cash. Assets excluded from this limit include personal vehicles and tax deferred retirement funds {403(b), 401(k), IRAs, etc.}. Employees with assets totaling more than $60,000 may request a waiver from the Executive Vice President for Finance and Administration.
Application
Applications and information related to this program are available in the Employee Benefits Office or www.uky.edu/HR/Benefits/EAHP/ . The Employee Benefits portion of the application must be completed before an employee will be referred to a Homeowner Education Program.
Homeowner Education Program Provider
Participation in a homeownership educational program is required for all applicants. The University will contract with one or more of the following: 1) Community Reinvestment Alliance of Lexington Inc. (CRAL); 2) Resources Education & Assistance for Community Housing (REACH); and 3) Community Ventures Corporation for homeowner education program services.
Approved Lenders
All applicants for the Program must qualify for an institutional mortgage.
Purchase Time Limit
After completing the required Education Program with an approved Homeowner Education Program Provider, the employee will have 120 days to close on a home. Once the lender has established a closing date and the amount of funds needed from the Program, the employee returns the completed application to the Employee Benefits Office. The University will process a check, which will be delivered at the closing.
Additional Information
For additional information, please contact the Employee Benefits Office at (859) 257-9519, option 1 or refer to this web site.
