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Administrative Message

August 1, 2006

To: UC Santa Cruz Faculty

From: David S. Kliger, Campus Provost and Executive Vice Chancellor

Re: New Low-Interest Option Supplemental Home Loan Program

In my November 2005 address to the Academic Senate, I identified looking for additional solutions to UCSC's faculty housing difficulties as one of my top priorities. I have remained committed to this goal and am pleased to introduce the newly established Low-Interest Option Supplemental Home Loan Program (LIO-SHLP).

The LIO-SHLP is the result of extensive consultation with the Academic Senate Executive Committee, the Council of Deans, and staff from Colleges and University Housing Services. Through this consultative process, it was determined that secondary, low-interest home financing assistance would make best use of $1 million in campus discretionary funds that I allocated specifically for faculty retention last spring. The goal for these funds is to assist faculty in obtaining housing.

The LIO-SHLP will offer fixed interest rates of 3 percent, and loans may be made for up to $50,000 for as long as 10 years. Eligible participants in the program include members of the Academic Senate who are current homeowners participating in the Faculty and Staff For-Sale Program and Assistant or Associate Professors who have not owned a primary residence in the campus area. Full details regarding the program are available online.

Again, I am pleased to announce this new program and trust it will enhance our ongoing efforts to recruit and retain excellent faculty.

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