University of Minnesota's Pilot Mortgage Loan Fund
Safe Housing for Greek Chapter Students
Greek life is an important element of campus life at the University of Minnesota. The Greek Chapter student cohort achieves higher than average GPAs, retention and graduation rates. Additionally, Greek Chapter students are heavily represented in student leadership positions on campus. For this reason, President Kaler prioritized support of the Greek Chapter system, including making the housing safer for the student residents.
In June 2015, the University of Minnesota and the University of Minnesota Foundation contributed $1.5M each into a $3M pilot mortgage loan fund to assist the Greek chapters in making needed improvements to the chapter houses. UMF Real Estate Advisors (UMFREA), a subsidiary of the Foundation, was asked to use its real estate expertise to manage the mortgage loan program and provide guidance to the chapter leadership as they navigate their projects. In October of 2016, the qualifying uses were expanded to include down-payment assistance.
The goal is simple: make the Greek chapter houses safer and more available. With leadership from Minnesota Greek Alumni Council (MGAC) providing valuable guidance and connection to chapter input, we've designed the pilot loan program to be low cost and simple to qualify. Tabs at the left provide more information about the program. If you aren't sure if your property, ownership or improvements qualify, contact us.
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