Mortgage Plan for Home Ownership
As outlined below, eligible faculty members who wish to build or purchase a house in South Hadley (condominiums are excluded) may request a shared appreciation mortgage (SAM) loan. Each mortgage request is subject to review and approval by the President and the Finance Committee of the Board of Trustees. An individual's ability to repay the requested mortgage loan will be confirmed before a subsidized loan will be granted. In addition, consideration will be given to the location, size, condition and other factors that will affect the subsequent resale value of the property.
The College will subsidize refinancing only for individuals who are newly eligible for the program, or if another home is being purchased. Refinancing or an additional mortgage may also be subsidized (within the overall lending limits) if major capital improvements are made to the property. In general, a major capital improvement must add significantly to the square footage of living space and the value of the dwelling.
These terms are subject to periodic review and alteration by the Trustees. For more details and for information on current policy, individuals should consult the Office of the Associate Treasurer, Room 2, Skinner Hall.
Revised: July 2011