Restricted home ownership options for tenure and tenure-track faculty will help UBC to compete with peer universities and recruit the caliber of faculty needed to remain a globally-significant university.
The University Community on Campus – UBC’s Housing Action Plan is an important opportunity to differentiate UBC from other universities in a high-cost jurisdiction and a competitive world-wide market for talent.
Housing program options in the Plan available to faculty include the following:
Restricted Resale Capped Appreciation
Under this option, and subject to the conditions outlined in the program description, a limited number of leasehold units will be made available on campus for approved faculty priced at 33% below unrestricted benchmark prices with restricted resale and capped appreciation conditions. Click here for full program description.
Please note that any taxable benefit implications for this housing program would be the responsibility of the employee.
Restricted Second Mortgage Loan
Financial Assistance Program
To improve the ability of tenure and tenure-track faculty to access the University’s Housing Assistance Program, the eligibility period for the Program was extended from seven years to 10 years.
This program assists full-time tenured and tenure-track faculty as well as very select staff groups at UBC Vancouver in the purchase of a home in Metro Vancouver in the form of an interest-free loan or mortgage interest assistance.
Restricted Rental Housing
UBC will continue to offer restricted rental housing for faculty, staff and post-doctoral fellows, with up to 2/3 of new rental housing built on campus restricted to faculty and staff, making UBC a leader in employment and housing policy.
Rents for restricted rental units will reflect costs and expenses and are anticipated to be approximately 25% below average rates charged for unrestricted housing on Vancouver’s west side.
Preferential Access to Market Leasehold Units
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.
Note that this is not a financial benefit.