Programs For Newly Tenured Faculty

Effective July 1, 2006, programs are available to those promoted on or after September 1, 2004:

• to tenure for tenure line faculty
• to associate for the Medical Center Line Professoriate
• to continuing term for non-tenure line faculty
• to continuing term for Senior Fellows at special policy centers and institutes

Programs must be used within 5 years of promotion. Programs are not retroactive to past purchases or renovations.

The following programs are available for eligible faculty based on the table above. Complete descriptions of the programs can be downloaded by clicking on the underlined links.

• The Deferred Interest Program (DIP-T) at tenure is a loan with no payments until the principal and deferred interest are paid in full. Maximum loan amount up to $300,000 or 20% of fair market value. After 10 years, up to $100,000 in deferred interest is forgiven. DIP-T is available for faculty who have been employed by Stanford in a housing-eligible position for three or more years prior to promotion. For more information, download the DIP document.

• The Mortgage Assistance Program (MAP) is an interest-only loan with a low current interest and a deferred interest due at payoff. Maximum loan amount up to $600,000 or 50% of fair market value. For more information, download the MAP document.

• The Housing Allowance Program (HAP II) is a taxable fringe benefit that supplements income upon the purchase or renovation of your home. A minor renovation must cost at least $10,000. A major renovation must cost at least $200,000 and add a minimum 250 square feet of permanent living space to an existing house. For more information, download the HAP document.

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