Housing And Loan Fund

Short Description

A short description and history of the Housing and Loan Fund

Target Audience

House Corporation
House Manager

Borradaile Challenge or Area of Focus

Housing

History

  • Established in 1991 at the Long Beach Convention
  • Initially the payment was $5/man/semester
  • In 1993 the vote was made to make the amount $15/man/semester (this is figured in with all chapters’ dues, regardless of their housing status)

Purpose

  • Down Payment Assistance
  • Renovation and Rehabilitation

Loans Available

  • Offered from less than $1000 up to $25,000

Guidelines

Eligibility

  • Chapter must have a House Corporation (loans will not be granted to a Resident Council)
  • Chapter must meet Basic Chapter Expectations

Priority

  1. New Chapters
  2. Chapters, which are not “Bankable”
  3. All other chapters

Credit

  • Capacity (debt to income ratio)
  • Collateral Value (80% LTV)

History
Risk Management Character Referenced by: Executive Offices, Host Institution (meaning the Loan committee does not want to grant a loan to a chapter that is going to pose a large risk of having a charter suspended before the loan is paid off)

  • Typical Uses

Renovation (Maintenance)

  • Paint
  • Carpet
  • Central Heat/Air
  • Weather Stripping
  • Roof
  • Windows

Remodel (Construction)

  • Kitchens
  • Bedrooms
  • Bathrooms
  • Electrical Service
  • Fire Suppression Systems

What is the process in getting a Loan from this group?

The following steps should be taken after the loan is deemed necessary.

Step 1.
The Housing Corporation requests an application completes it and returns it to the Executive Offices.

Step 2.
The application is passed on to the Housing and Loan Fund committee for action.

Step 3.
If the application is found to be complete the committee then reviews the application. If not complete the committee will request the missing information.

Step 4.
If the loan is approved from the application the appropriate security instruments are executed and funds are disbursed.

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