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, and so on]. Employees with assets totaling more than $60,000 may request a waiver from the Executive Vice President for Finance and Administration.
Consult the application instructions to apply.
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) Resources Education & Assistance for Community Housing (REACH); and 2) Community Ventures Corporation for homeowner education program services.
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.
Times are available for you to schedule a group or individual presentation. Presentations can be scheduled to best meet your needs. To schedule an Information Session (group or individual), please contact the Employee Benefits Office at (859) 257-9519, option 3.
For additional information, please contact the Employee Benefits Office at (859) 257-9519, option 3.
Homeowner Education Program Providers
The following organizations provide homeowner education programs.
Reach Kentucky - Cost: $75 with discount coupon available to UK employees
Community Ventures Corporation - Cost: $75, with coupon code available to UK Employees, delivered online