NEIGHBORHOOD HOMEOWNERSHIP PROGRAM

NEIGHBORHOOD HOMEOWNERSHIP PROGRAM

USC NEIGHBORHOOD HOMEOWNERSHIP PROGRAM The University of Southern California’s Neighborhood Homeownership Program (NHP), is to all benefits-eligible employees to encourage them to purchase and occupy homes in the communities surrounding the University Park Campus and Health Sciences Campus. The program was designed to provide employees the opportunity to purchase and own a home close to where they work. PROGRAM DESCRIPTION The USC Neighborhood Homeownership Program provides eligible employees with monthly payments over a seven-year period totaling 50,000 or 20% of the home’s purchase price (whichever is less). The stipend will be evenly allocated over 84 months. To receive this benefit, an eligible employee must purchase and occupy a single-family residence within the defined University Park or Health Sciences communities, while employed by the university. Qualifying properties may include single-family homes, townhomes or condominiums that are the sole and primary residence of the borrower. Duplexes or any property that has more than one dwelling unit cannot be purchased through this program. The first payment will be made after approval of the NHP application and receipt of the final escrow settlement statement. Payments will continue monthly, subject to confirmation that the recipient: Remains an eligible USC employee Continues to own and occupy the home Remains in good standing with the primary lender Benefit payments are considered income and will be taxed accordingly. Prospective buyers should check with their tax accountant to determine their personal tax consequences. Eligible employees may only receive one NHP subsidy. The University of Southern California reserves the right to alter or discontinue the USC Neighborhood Homeownership Program at any time. 2

ELIGIBILITY The USC Neighborhood Homeownership Program is available to all “benefits eligible” faculty & staff who meet the following criteria: FACULTY STAFF With an appointment of Who hold “benefits at least 50 percent time eligible” position of at or more least 50 percent or more The program cannot be applied retroactively to homes purchased before an employee’s start date. 3

PROCESS & APPLICATION It is suggested that the employee inform their realtor and lender of the availability of the USC NHP subsidy when starting the loan preapproval process for a home located within the program boundaries. The inclusion of the subsidy as “other income” may allow the employee to qualify for a larger loan amount or a more favorable interest rate as this subsidy does not require prepayment and is paid in equal monthly installments over seven years. STEP 01 STEP 02 STEP 03 STEP 04 STEP 05 STEP 06 Request a Program Provide the Program Submit a completed NHP Department personnel Employee signs the Monthly subsidy Qualification Letter from Qualification Letter to Application and a will send a Subsidy Subsidy Agreement payments will begin the Real Estate & Asset your realtor and lender to certified copy of the final Agreement to the and returns it to Real after the Department Management include the NHP subsidy statement (obtained employee after the NHP Estate & Asset has received the signed Department as “other income” in your from your escrow Application has been Management Subsidy Agreement monthly gross income company) to the Real approved Department calculation Estate & Asset Management Department after the close of escrow 4

RESOURCES NHP APPLICATION ADDRESS DOWNLOAD: MAIL CORRESPONDENCES: https://realestate.usc.edu/housing/ nhp/ PICK UP A HARD COPY: UPC: Benefits Office at 3720 S. Flower (CUB 2nd Floor) HSC: Personnel Department at 1975 Zonal Ave (KAM 409) USC Neighborhood Homeownership Program USC Real Estate & Asset Management University Park Campus UGW-110 Los Angeles, CA 90089-7271 PROGRAM ADMINISTRATOR JEFFREY ZYCHOWSKI Phone: 213-740-7066 Fax: 213-821-3073 E-mail: [email protected] DELIVERIES, COURIERS, FED-EX & USC NeighborhoodUPS Homeownership Program USC Real Estate & Asset Management 3335 S. Figueroa St., Unit G Los Angeles, CA 90007 5

NEIGHBORHOOD DEFINITION - UPC For confirmation that a specific property is located within the defined UPC program boundaries, please refer to the adjacent map or contact the Real Estate & Asset Management Department. 6

NEIGHBORHOOD DEFINITION - HSC For confirmation that a specific property is located within the defined HSC program boundaries, please refer to the adjacent map or contact the Real Estate & Asset Management Department. 7