Real Estate & Asset Management

USC Neighborhood Homeownership Program

As a part of President Sample’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. It was designed to provide employees the opportunity to purchase and own a home now.

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. 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. 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 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.

1. Request a Program Qualification Letter from the Real Estate & Asset Management Department.
2. 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.
3. Submit a completed NHP 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.
4. Department personnel will send a Subsidy Agreement to the employee after the NHP Application has been approved.
5. Employee signs the Subsidy Agreement and returns it to Real Estate & Asset Management Department.
6. Monthly subsidy payments will begin after the Department has received the signed Subsidy Agreement

Download the NHP Application

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.

Program Administration:

Maxine McNeal, Program Administrator:
Phone: 213-740-7066
Fax: 213-821-3073
E-mail: mmcneal@re.usc.edu

Address for all Correspondences and Applications:
USC Real Estate & Asset Management
Attn: Maxine McNeal
3500 S. Figueroa St., UGB-202
Los Angeles, CA 90089-8009

Neighborhood Definitions

For confirmation that a specific property is located within the defined program boundaries please contact the Real Estate & Asset Management Department. Indicate your exact property address and we will confirm eligibility.

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

Resources

USC Federal Credit Union
Attn: Christine Schwarz
1025 W. 34th St.
King Hall, 2nd Floor
Los Angeles, CA 90089
Phone: 213-821-7114
Fax: 213-740-7047
E-mail: cschwarz@usc.edu

City of Los Angeles Home Improvement Loans

By Design Financial Solutions
(formerly Consumer Credit Counseling Service of Los Angeles)
5628 E. Slauson Avenue
Los Angeles, CA 90040
(800) 750-2227
(323) 890-9590 fax

Qualified Real Estate Available for Sale

The following listings have been provided by third party landlords & owners and we have verified the property as eligible under the USC NHP program area.

Disclaimer: Real Estate & Asset Management provides this list as a service to faculty & staff that are interested in owning in the areas around USC University Park Campus and USC Health Sciences Campus. The Department makes no representations about the seller, their terms, property condition, nor does it guarantee any availability or accuracy of the listed properties. Applicants must still follow the required steps in order to be eligible for the USC NHP Program.

View a listing of NHP-qualified real estate.

If you would like your property listed, please click here.

Office Address & Phone

• University of Southern California
• Real Estate & Asset Management
• 3500 S. Figueroa St, UGB-202 Los Angeles, CA 90089-8009
• Phone: (213)821-3070
• Fax: (213)821-3073

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