USC Neighborhood Homeownership Program

FACULTY & STAFF HOUSING

As a part of the university’s five-point neighborhood initiative, the University of Southern California presents the USC Neighborhood Homeownership Program (NHP). This program is available to all benefits-eligible employees to encourage them to purchase and occupy homes in the communities surrounding the University Park Campus and Health Sciences Campus.

Program Description

The USC Neighborhood Homeownership Program provides eligible employees with monthly payments totaling $50,000 or 20% of the homes purchase price (whichever is less) over a seven-year period. The stipend will be evenly allocated. To receive this benefit, an eligible employee must purchase and occupy a single-family residence within the defined University Park or Health Sciences communities. Qualifying properties may include single-family homes, townhomes or condominiums that are the sole and primary residence of the borrower. Duplexes or any property that has more than one dwelling unit cannot be purchased through this program. The first payment will be made after approval of the NHP application and receipt of the final escrow settlement statement. Payments will continue monthly, subject to confirmation that the recipient:

Remains an eligible USC employee
Continues to own and occupy the home
Remains in good standing with the primary lender

Benefit payments are considered income and will be taxed accordingly. Prospective buyers should check with their tax accountant to determine their personal tax consequences. Eligible employees may only receive one NHP subsidy. The University of Southern California reserves the right to alter or discontinue the USC Neighborhood Homeownership Program at any time.

Eligibility

The USC Neighborhood Homeownership Program is available to all “benefits eligible” faculty & staff who meet the following criteria:

Faculty with an appointment of at least 50 percent time or more.
Staff who hold “benefits eligible” position of at least 50 percent or more
The program only applies to homes purchased while employed by the university on or after July 1, 2006.

Process & Application

It is suggested that the employee inform their realtor and lender of the availability of the USC NHP subsidy when starting the loan pre-approval process. The inclusion of the subsidy as “other income” may allow the employee to qualify for a larger loan amount or a more favorable interest rate as this subsidy does not require prepayment and is paid in equal monthly installments over seven years.

Request a Neighborhood Homeownership Program Qualification Letter from the Real Estate & Asset Management Department.
Provide the Program Qualification Letter to your realtor and lender so that the NHP subsidy is included as “other income” in your monthly gross income calculation.
Submit a completed Neighborhood Homeownership Program Application and a certified copy of the final settlement statement (obtained from your escrow company) to the Real Estate & Asset Management Department after the close of escrow.
Department personnel will send a Subsidy Agreement to the employee after the NHP Application has been approved.
Employee signs the Subsidy Agreement and returns it to Real Estate & Asset Management Department.
Monthly subsidy payments will begin after the Department has received the signed Subsidy Agreemen

Applications can also be obtained in hard copy from the Benefits Office at 3720 S. Flower (CUB 2nd Floor) for University Park Campus or from the Personnel Department at 1975 Zonal Ave (KAM 409) at the Health Sciences Campus.

For recommended Real Estate Agents and lenders familiar with the NHP Process:

*Please contact Program Administrator:

Matthew Drag
drag@usc.edu
Phone: 213-740-7066

*Please contact Program Administrator Matthew Drag for important details regarding the NHP before you begin looking for a home.

Address for Mail Correspondence:
Staff or Program Name (i.e USC Neighborhood Homeownership Program)
USC Real Estate & Asset Management MC 3163
3434 S. Grand Ave., CDF
Los Angeles, CA 90089-3163
(213) 821-1200 (Mailing Services Phone Number)

Address for Deliveries, couriers, FedEx and UPS packages:
Staff or Program Name (i.e USC Neighborhood Homeownership Program)
USC Real Estate & Asset Management MC 3163
3434 S. Grand Ave., CDF
Los Angeles, CA 90007
(213) 821-1200 (Mailing Services Phone Number)

Neighborhood Definitions

For confirmation that a specific property is located within the defined program boundaries please see the maps below or contact the Real Estate & Asset Management Department.

University Park Campus

All home purchases in the University Park Campus Community, defined as the area bordered by Western Avenue to the west, the Santa Monica Freeway to the north, the Harbor Freeway to the east, and Vernon Avenue to the south, are eligible for this subsidy.
University Park Campus – NHP Boundary Map

Health Sciences Campus (HSC)

All home purchases in the Health Sciences Campus Community, defined as the area bordered by the Golden State Freeway to the west, Broadway to the north, Indiana Street to the east, and Cesar Chavez Avenue (Brooklyn Avenue) to the south, are eligible for this subsidy.
Health Sciences Campus – NHP Boundary Map