Faculty Housing

California’s housing market often handcuffs educational institutions when they recruit faculty. Prices are high. Supply is limited. Many educators resist joining a California school because when they look at the local housing market, they feel locked out.

How can an institution make home ownership a more attainable faculty aim and still remain within the bounds of fiscal prudence? The key is to set up a program that maximizes the school’s return on its assets.

We excel at helping clients coordinate all facets of the program:

• Develop a ground lease program that gives faculty the economic pluses of home ownership while enabling the institution to retain the underlying land.
  
• Frame mortgage assistance, down-payment assistance, shared-appreciation and/or low-interest second mortgage programs.
  
• Assist in formulating eligibility criteria for programs.
  
• Establish project use restrictions that suit institutional aims.
  
• Guide development project to approval at the local planning department and the Department of Real Estate.
  
• Establish marketing plans, pricing schedules, escrow processes, purchase and sale documents, and other standard operational procedures for the faculty housing office.
  
• Negotiate and draft purchase contracts and construction documents.
  
• Convert multi-unit residential property to condominiums.
  
• Incorporate city-required below-market-rate units into projects.
  
• Assist with the ongoing operation of the program.

FACULTY HOUSING HAPPENS