SENATE CHAIR GALLAGER
RE: Campus Guidelines for New Zero Interest Home Loan (ZIP Loan) Program
Dear Colleagues:
The systemwide UC Office of Loan Programs has established a new Zero Interest Supplemental Home Loan Program (ZIP Loans) to assist newly hired senate faculty in securing secondary financing for the purchase of a primary residence. ZIP Loans feature no monthly payments, zero percent interest, and forgiveness of 10% of the principal for each year of university service.
Deans have authority to offer any combination of ZIP loan and Faculty Recruitment Allowance (FRA) up to $78,900 total per candidate, or up to $150,000 by exception and with approval of the CPEVC. This amount is as of October 1, 2022, and the deans’ authority amount will increase to match the currently published FRA maximum in the academic salary scales.
As of October 1, 2022, FRAs and ZIP loans will be centrally funded. All FRA/ZIP loan agreements dated prior to October 1, 2022 will continue to be cost-shared between divisions and central funds, based on past practice.
Campus guidelines are attached and published on APO's website at this link (https://apo.ucsc.edu/employment/academic-recruitment/docs_acad-recruit-webpage/zip-loan-campus-guidelines.pdf).
We have also developed sample language for the deans’ use in appointment and startup offers; this is attached and available to divisional AHR coordinators via the AP Toolbox google site at this link (https://sites.google.com/a/ucsc.edu/academic-personnel-toolbox/guidelines-and-resources?authuser=0). Use of the sample language is suggested but not required.
Questions about the ZIP Loan program terms should be directed to Michelle Moreno, UCSC Loan Coordinator, at (831) 460-3046 or milmoren@ucsc.edu. Questions about the campus implementing guidelines, including exception requests, should be directed to the Academic Personnel Office at apo@ucsc.edu.
Sincerely,
Herbie Lee
Vice Provost for Academic Affairs
CC:
AVC Register, Budget Analysis & Planning
AVP McClintock, Academic Personnel Office
Academic Senate Director Mednick
Academic Senate Office
Divisional AHR Coordinators
Employee Housing Office
