What are the key aspects of the Plan for faculty and staff?
Key aspects of the Plan for faculty and staff:
- Up to 2/3 of new rental housing on campus will be restricted rental available only to faculty and staff
- Within that, UBC is piloting a non-profit rental program of up to 100 units that is intended for staff with a household income of less than $64,000 a year
- Up to one in seven future lease-hold units will be restricted home ownership for tenure and tenure-track faculty
- The eligibility for the faculty assistance program will be extended from 7 years to 10 years
What portion of UBC housing will be designated for faculty and staff?
Up to 30% of new housing stock will be available only to faculty and staff.
What portion of UBC housing will be rental?
Up to 30% of our future housing stock will be rental. Of that, 10% will be market rental open to anyone and 20% will be restricted rental only available for faculty and staff.
Who will manage these housing programs?
UBC, in consultation with UBCPT, will explore and report back to the Board of Governors on options for a management interface to manage UBC’s faculty/staff restricted housing programs (including description of roles and responsibilities, staffing plan, budget and funding, etc.).
Why aren’t staff eligible for the restricted home ownership program?
Faculty are recruited globally and UBC is competing for faculty with universities in more affordable housing markets or who have housing programs. So a restricted home-ownership program for faculty will help UBC remain competitive. Unlike with faculty, UBC generally recruits its staff locally.
Providing restricted rental housing is a demonstration of UBC’s commitment to addressing issues of housing affordability for staff and makes us one of the only employers in the region to offer this type of program.
The restricted rental housing will only be available to faculty, staff and post-doctoral fellows. Rents will reflect the costs and expenses and are anticipated to be approximately 25% below average rental rates charged for unrestricted housing on Vancouver’s west side.
What happened to the co-development program?
Continuation of the co-development for faculty and staff was considered during the development of the Plan. Though it provided a savings of 10-20% off the appraised value of the home to the initial buyer, there was no requirement to re-sell to faculty and staff. If a unit was sold within five years of purchase, then the owner had to return a portion of the increase in value to the University. After five years, the initial buyer could sell the unit to anyone at a market price. Co-development was not recommended for continuation because the benefits associated with this option, including the University’s investment, did not endure for future generations of faculty and staff.
Faculty Restricted Home Ownership
Why is it important for faculty to live on campus?
When faculty lives on campus, it allows them to be more engaged in campus life, creating a more robust academic culture. We believe this will make an important contribution to furthering UBC’s academic mission.
How will appreciation of the restricted ownership models be determined?
Re-sale values of these homes will be indexed to faculty salaries to a maximum resale price no higher than 33% below a benchmark value. Any taxable benefit implications of this option are the responsibility of the employee.
Who is eligible for this housing?
Tenure and tenure-track faculty are eligible.
How will housing be allocated?
A housing priority committee chaired by the Provost or delegate with input from deans will be formed to develop and recommend policies around how this housing will be allocated. We expect to be able to report out on this process by summer, 2013.
When can I get on a list for this housing?
Before faculty are eligible to sign up for this housing, policies around how it will be allocated must be established. A housing priority committee chaired by the Provost or delegate with input from deans will be formed to develop and recommend policies around how this housing will be allocated.
How soon will this housing be built?
Once a project has been planned and approved, it will take approximately two years to be built.
I am a faculty member but not tenure or tenure-track, what’s in the Plan for me?
There are several options available for faculty who are not tenured or tenure-track. The restricted rental program is available to all faculty and staff and will offer a range of unit sizes with rents that will be approximately 25% below average rates charged for unrestricted housing on Vancouver’s west side. To improve opportunities for UBC faculty and staff to purchase market leasehold units on campus, UBC, working with UBC Properties Trust, will provide preferential and early access for faculty and staff to purchase new units before they are released for sale to the general public. Preferential access to new market leasehold units is expected to be in place before the end of 2012.
Restricted Rental Housing
Who is eligible for restricted rental housing?
All faculty, staff and post-doctoral fellows are eligible.
What is the rate for restricted rental?
As this housing is only available to faculty, staff and post-doctoral fellows, it is part of UBC’s special, restricted market. Because of this restricted market, rents will reflect costs and expenses and are anticipated to be approximately 25% below the rates charged for unrestricted housing on the west side of Vancouver.
How will rents in restricted faculty/staff rental be determined?
Over the next several months, UBC will be working to improve the communications on how restricted rental rates are determined to increase transparency.
What is non-profit rental and how is it different from restricted rental?
Non-profit rental differs from restricted rental in that rents are income tested and will be targeted to staff with household incomes of less than $64,000. It is anticipated that the non-profit rental proposed for UBC would have rental rates costing no more than 30% of a household’s annual income.
Who is eligible non-profit rental?
This form of housing is intended for staff with a household income of less than $64,000 a year.
When can I get on a list non-profit housing?
UBC and UBC Properties Trust will be developing this pilot project for review and approval by the Board of Governors in 2013.
How soon will this housing be built?
Once a project has been planned and approved, it will take approximately two years to build.