Employer Assisted Housing Program (EAHP)
The Employer Assisted Housing Program (EAHP) is a program designed to help UK employees find housing near the University of Kentucky campus.
Regular, full-time faculty and staff may be eligible for “forgivable loans” of 5% of the purchase price up to a maximum amount of $15,000 to purchase homes, condominiums, townhouses and duplexes in designated neighborhoods. The loans can be used for down payment and closing costs, rehabilitation or renovation assistance. Completion of a Homeowners Education Program and usage of a UK approved lender are required.
Eligibility
The following employees are eligible for this program: 1) Regular full-time faculty at the rank of instructor or assistant professor are eligible immediately upon receiving a contract for the academic year, or 2) Regular full-time staff employees at grade level 46 or below (grade 10 or below for hospital positions) are eligible after completing the 90-day, new employee orientation period.
Temporary full-time or part-time and regular part-time employees are ineligible. Employees who violate a provision of this program will not be eligible to reapply for five years from the date of the violation.
The normal asset limit for employees to participate in this program is $60,000. These assets include, but are not limited to, real property or equity in real property, stocks, bonds, certificates of deposit, shares in mutual funds, and cash. Assets excluded from this limit include personal vehicles and tax-deferred retirement funds {403(b), 401(k), IRAs, etc.}. Employees with assets totaling more than $60,000 may request a waiver from the Executive Vice President for Finance and Administration.
Application
Consult the application instructions and complete the application for this program. Copies are also available in the Employee Benefits Office. The Employee Benefits portion of the application must be completed before an employee will be referred to a Homeowner Education Program.
Homeowner Education Program Provider
Participation in a homeownership educational program is required for all applicants. The University will contract with one or more of the following: 1) Community Reinvestment Alliance of Lexington Inc. (CRAL); 2) Resources Education & Assistance for Community Housing (REACH); and 3) Community Ventures Corporation for homeowner education program services.
Approved Lenders
All applicants for the Program must qualify for an institutional mortgage.
Purchase Time Limit
After completing the required Education Program with an approved Homeowner Education Program Provider, the employee will have 120 days to close on a home. Once the lender has established a closing date and the amount of funds needed from the Program, the employee returns the completed application to the Employee Benefits Office. The University will process a check, which will be delivered at the closing.
Information sessions
Times are available for you to schedule a group or individual presentation. Presentations can be scheduled to best meet your needs. To schedule an Information Session (group or individual), please contact the Employee Benefits Office at (859) 257-9519, option 1.
For additional information, please contact the Employee Benefits Office at (859) 257-9519, option 1 or refer to this website.
Homeowner Education Program providers
The following organizations provide homeowner education programs. Homeowner Education Program Providers associated with this program will charge fees associated with their services. Normally, payment of these fees is deferred until closing. Fee payment at closing will be counted toward the total university contribution to the employee.
Also, additional funds to repair, convert to a single-family home, or perform any other type of home rehabilitation may be available, but not from the University of Kentucky. Homeowner Education Program Providers (i.e. REACH) assisting the university in this program may be able to offer financial assistance in addition to the university contribution. Additional funds secured from participating Homeowner Education Program Providers will not impact the university contribution.
Frequently asked questions
Will I be required to have a home inspection prior to purchase?
Yes, a home inspection will be required.
I have had some credit problems in the past. Can I still participate?
Yes, Homeowner Education Program Providers will assist the employee in overcoming credit related barriers to purchasing a home such as poor credit, high credit card debt, etc. The Homeowner Education Program Provider will also run a credit report on your credit history and review your credit history with you. Employees with barriers to purchasing a home (i.e. poor credit) will be required to attend and complete an educational program with one of the Homeowner Education Program Providers.
If I fulfill the requirements of this program, how do I get the university funding? Is the funding mailed to me directly?
. A representative of the University of Kentucky Employee Benefits Office will be present during your closing and will provide the funds at that time.
If my home is located in the defined UK area, can I refinance my existing home and use the funds in this program to cover closing costs, renovation, etc.?
No, the benefits of this program cannot be applied to existing mortgages or refinancing.
If my current home is located in the defined UK area and I have an existing mortgage, can I use the funds from this program to cover renovation costs, etc.?
No, the benefits of this program cannot be applied to existing mortgages or refinancing.
Are there any conditions in which the university would forgive the loan at an accelerated rate?
Upon the death of a participating employee, the full loan amount is forgiven.
I am a faculty member and will begin my actual work for the university at a future date. Do I qualify?
Yes, faculty (instructor or assistant professor) who have signed a contract qualify for this program. A copy of the signed contract must be submitted to the Employee Benefits Office in conjunction with the completed application signed by the Employee Benefits Office, a participating Homeowner Education Program Provider, and a participating Lender. Faculty applications will not be considered to be complete until the completed application and copy of signed contract are submitted.
Will I be assigned a realtor or can I choose my own? What about a lender?
The Homeowner Education Program Provider may suggest a particular realtor. The employee is free to take the suggestion of the Homeowner Education Program Provider or the employee may elect to choose their own realtor. The university does not endorse a single realtor nor make a recommendation regarding realtor selection. Furthermore, employees may select any approved Homeowner Education Program Provider or Lender associated with this program. Additionally, eligible employees may choose any institutional lender.