The university maintains a limited fund, which is used to provide housing loans to tenure stream or category 1 academic faculty and full-time faculty in the library and athletics. The loan program is designated to assist individuals in the initial purchase of their primary residence. The program provides loans up to a maximum of $20,000 for the purchase of a home within commuting distance to Colgate University. Commuting distance is defined as the 50 mile radius surrounding the university.
The unsecured loans are made at the long-term, semiannual Applicable Federal Rate prescribed by the Internal Revenue Service for the month in which the loan is made. Repayment is made over a ten-year period, with monthly payments made through payroll deductions. If the faculty member’s employment with the university ends prior to repayment, the loan must be paid in full.
Faculty members are eligible to receive this loan only once. The program is restricted to one loan per property/primary residence. Colgate University couples may only utilize one loan, with a $20,000 maximum. In order to be eligible, a faculty member must complete a Faculty Housing Loan Promissory Note prior to closing on the purchase of his or her primary residence.
If you would like more information about this program, please contact Andrew W. Fagon, Assistant Controller & Risk Manager, in the Office of Accounting & Control, at extension 7765. Revised May 2016