To: All faculty at UBC’s Vancouver campus
I am pleased to announce that the UBC Board of Governors has just approved two pilot home ownership options for faculty. This affordable faculty housing program was designed to improve the university’s ability to retain and attract top academic talent to Vancouver, despite our city’s too-often prohibitive housing market.
Under the two pilot options, UBC will offer up to 150 housing units or loans over three years for approved tenured and tenure-track faculty, in order to purchase housing on UBC’s Vancouver campus. The first pilot option offers housing units on a restricted ownership/capped appreciation basis at 33 per cent below benchmark prices for similar units available on the open market in Vancouver. The other pilot option is a second mortgage loan program. In addition to the pilot options, the Board also approved a set of policies to guide faculty eligibility, allocation, and occupancy for the units or loans. More information on what was announced today can be found at http://news.ubc.ca/2014/02/04/ubc-affordable-housing-program-targets-top-academic-talent/.
This faculty housing program is the culmination of a two-year effort by the Community Planning Task Group of the Board that I chair, and it was the last, critical piece of the faculty housing puzzle we have been struggling to solve. I would like to sincerely thank the many faculty who took the time to provide valuable and insightful feedback throughout the process of developing these two housing options. Much of what we have today is owed to what we heard from faculty.
You can read the consultation report here:
Application to both faculty housing pilot options will open in March 2014, with the launch of a dedicated website where you will find all information required on the pilot options, faculty eligibility and the application process. That website will go live on February 28th, 2014.
Nassif Ghoussoub, member of the UBC Board of Governors