Making a good deal even better, the USC Neighborhood Homeownership Program in July doubled the amount of subsidy funding it offers eligible employees who buy homes in neighborhoods near both the University Park and Health Science campuses.
Under the guidelines of the program, qualified participants -- faculty and staff who work at least half time and own and occupy the homes -- now receive $50,000, paid in monthly increments over seven years, or 20% of a home's purchase price, whichever is less. The increased subsidies are only for homes purchased on or after July 1, 2006.
Participants must show proof of ownership first and remain in good standing with the lenders throughout the life of the contract. If they move out of the home or sell it, the payments stop.
The program was established in 1995 by USC President Steven Sample and has benefited 109 USC employees so far.
Southern California universities have struggled to attract faculty and staff to a region where the median price of a home in Los Angeles County in August was $517,000, according to DataQuick Information Services, which tracks home prices and sales.