This summer, Tufts piloted a Mortgage Assistance Program in an effort to aid faculty in taking out a second mortgage on their home at a low interest rate. The program follows the recommendation of the Faculty Housing Task Force, formed in the spring of 2024 to improve access to pre-existing faculty housing benefits.
The MAP had an initial fund of about $6 million to help faculty with taking out second mortgages or to make a down payment. Eligibility for the MAP during its pilot was limited to tenure-track faculty members who have been at Tufts for nine or less years. The faculty member must be a first time home buyer and the home must be in Massachusetts, within a 50-mile radius of Tufts.
According to Jonathan Pearsall, associate vice president and university controller, the program received 23 applicants on Jan. 1, the first day applications opened. There were a total of 29 applicants when applications closed in June, of which five faculty members have purchased their new home.
The question of housing has long been an issue for students, staff and faculty as they struggle to find affordable homes close to campus in an increasingly expensive and competitive market.
David Proctor, Faculty Senate representative on the Faculty Housing Task Force, noted that the high cost of housing in the area could lead junior faculty elsewhere as they try to find a place to establish their careers.
The Faculty Housing Task Force, spearheaded by Provost and Senior Vice President Caroline Genco, was made up of representatives from the human resources office, finance office, the Faculty Senate, University Counsel and Office of the Provost.
The university’s existing programs to assist faculty include the Walnut Hill Properties Rental Portfolio, partnerships with the Coldwell Banker Real Estate Advantage Program and the Metro Credit Union.
“Faculty have been asking for housing support amid the rising cost of living in Massachusetts,” William Murphy, vice president of human resources wrote in a statement to the Daily. “Though facing budget challenges, Tufts recognized the need to be able to successfully recruit and retain the highest quality faculty in a highly competitive environment, in one of the most expensive housing markets in the country.”
According to Colleen Ryan, vice provost for faculty, applications went through an automated review process. To determine eligibility, applications were then reviewed by the relevant faculty affairs officer and dean for each faculty member.
“University Finance then met with each internally approved faculty member to confirm eligibility based on the faculty member’s previously provided responses and facilitate an introduction to the banking partner associated with the MAP,” Ryan wrote in a statement to the Daily.
There was some reported concern from faculty who were excluded from eligibility for the MAP including lecturers and longer serving faculty members, according to Proctor. However, the specific target group was carefully chosen to help faculty that could benefit the most given the program’s limited funding.
The work of the task force has been over since the closure of applications for the Mortgage Assistance Program in June. Ryan said that the university administration plans to look at next steps for the program.
“The university is assessing the effectiveness of the pilot MAP and exploring ways to continue or expand MAP,” Ryan wrote.
