Usc Neighborhood Homeownership Program

Pat Oliver at the McCulloch Townhomes. The university-owned property falls within the designated area eligible for $25,000 employee home subsidies.Photo by Irene FertikAs part of president Steven B. Sample’s five-point neighborhoodinitiative, USC has launched the Neighborhood Homeownership Program -a new benefit that gives eligible employees a $25,000 subsidy to helppurchase a home in the vicinity of the University Park or HealthSciences campus.The program began Jan. 1, and it represents a new venture in theuniversity’s initiative to help employees become homeowners whilerevitalizing the neighborhoods surrounding the two campuses.Administered through the treasurer’s office and developed through theoffices of Business Affairs and External Relations, the homeownershipprogram was designed specifically with the low- to moderate-incomefamily in mind.

Usc Benefits

Usc Neighborhood Home Ownership Program

The goal is to offer home-buying opportunities toemployees who may not have qualified for a home in the past,according to a program brochure distributed to employees with theirJanuary paychecks.University treasurer William Hromadka said the program is designed toprovide monthly payments totaling $25,000 over seven years. Thestipend will be allocated on a descending step basis, with $5,000paid in each of the first three years; $4,000 in the fourth year;$3,000 in the fifth year; $2,000 in the sixth year and $1,000 in theseventh year.To receive the benefit, an eligible employee must purchase and occupya single-family residence (townhouses and condominiums qualify)within designated boundaries surrounding the university campuses. Thefirst subsidy payment will be made upon confirmation that theemployee has acquired and moved into the home.