YPSILANTI — Eastern Michigan University employees who purchase a home in Ypsilanti will be able to receive forgivable loans of $7,500 under a new program being introduced by the university.
The program, called LiveYpsi, will be funded by EMU, Washtenaw County, and the DTE Foundation and possibly other partners. DTE presented a check for $30,000 toward the program in a ceremony this morning at the EMU Foundation, located at 1349 Huron St. in Ypsilanti.
“In the days since LiveYpsi was announced, I have already received numerous inquiries from EMU faculty and staff who are excited to participate,” said Leigh Greden, EMU’s executive director of governmental and community relations. “Although the program will start small, we hope it will succeed and grow. This is a win-win-win for the university, our employees, and the surrounding community.”
Paul M. Ganz, DTE Energy’s regional manager, says the LiveYpsi program’s initiatives will promote the continued development of Ypsilanti’s central core.
“It will benefit university employees and attract talented new workers and ultimately will contribute to the revitalization of the heart of Ypsilanti,” Ganz said.
Ypsilanti Mayor Paul Schreiber said, “The LiveYpsi program is another example of a public-private partnership coming together to attract families and businesses to a great college town – Ypsilanti.”
Details of the program include:
* LiveYpsi is available to permanent (as opposed to temporary) employees of EMU with an appointment of 50 percent or more.
* The geographic area for the loans will be the City of Ypsilanti.
* Eligible employees will be awarded a “forgivable loan” of $7,500.
* The employee may use the forgivable loan for anything related to the purchase of a primary residence in Ypsilanti. Eligible expenses include down payment assistance, remodeling, closing costs, etc. The amount will be paid directly to the employee at the time of closing or can be wire transferred to the employee’s title company.
* For each year the employee remains employed by EMU and living in the home, 20 percent of the forgivable loan will be forgiven, meaning the employee will no longer owe this money. After five years, the entire amount of the loan would be forgiven, and the employee would owe nothing. If, however, the employee leaves EMU or sells the home before that five-year period, the employee would owe the unforgiven portion of the loan.
Greden’s office will handle the paperwork for the loans. For further details, email email@example.com.