The Ohio State Faculty and Staff Homeownership Incentive Program

Since 1998, The Ohio State University offers its faculty and staff down-payment assistance to purchase homes within targeted neighborhoods of the University District. The down payment assistance consist of a zero interest forgivable loan (second mortgage) in the amount of $3,000 applied towards the required down payment, closing costs and/or reduction in principal amount.

Recipients are required to sign a loan agreement and second mortgage with the University that requires the recipient to occupy the housing unit for a period of not less five (5) years. The second mortgage will be forgiven at a rate of 20% per year with the entire second mortgage amount forgiven after year five (5) of occupancy.

If a recipient moves, sells or no longer occupies the property, or is no longer an employee of the University within the five (5) year period, the remaining prorated balance of the second mortgage is immediately repayable to the University.

Geographic Locations
The Program is a $500,000 commitment by The Ohio State University targeted to neighborhoods around the Columbus campus. The neighborhoods today include Weinland Park and the area extending from High Street east to the ConRail railroad tracks.

Eligible Property -- "Owner Occupied" property, which will serve as the recipient's principal residence include:

ⁿ Single family
ⁿ 2 to 4 family
ⁿ Condominium
ⁿ New construction of the above

Eligible Applicants

ⁿ Who - All faculty and staff who are employees of OSU (must be on OSU payroll) with regular appointments
   of 50% FTE or greater.
ⁿ Length of service - Upon employment including letter of offer of employment for appointment types as
  stated above.
ⁿ Income restrictions upon application - None.
ⁿ Individuals who are excluded _ Student employees, graduate associates, lecturers, post-doctoral staff,
  others on "term" or temporary appointments and persons not on OSU payroll.
ⁿ One loan per household - Down payment assistance will be limited to one $3,000 loan per household.

Contact -- Campus Partners at (614) 294-7300.