The Ground Lease Program is targeted to meet full-time faculty and staff needs for housing near the campus, and to assure an academic community in residency within easy reach of students and teaching facilities. The Ground Lease Program is intended to reduce the up-front and on-going costs of home ownership. By removing the cost of the improved land from the sales price of the home, the buyer has substantially reduced both the cost of the home, the down payment, and the monthly payments for the home.
This policy seeks to inform interested employees of the requirements for participation in the Ground Lease Program.
Only full-time faculty, salaried, and hourly staff may participate in the Ground Lease Program.
All applicants must complete the Ground Lease Application and sign the Acknowledgement Form.
The priority system identified in the Ground Lease Application shall determine placement of employees in college housing.
The director of property management shall oversee this policy and review it at least once every two years. Changes to this policy shall be made in accordance with the college's Policy on Policies.
The information regarding the Ground Lease Program must be read by all applicants. The priority system shall be used to process all requests for housing. Included are the required Ground Lease Application and Acknowledgement Form.