Lehigh University sponsors a mortgage incentive program to support the purchase or renovation of an existing single-family home in the South Side Bethlehem community. This program is available to all benefits eligible faculty and staff members working at least 75% of a full-time schedule. Restructured in 2010, the University's partnership with Wells Fargo allows eligible faculty and staff members to buy or remodel homes in South Bethlehem through a combination of forgivable loans and discounts.
The program provides three plans to choose from:
- Community Home Purchase Support Plan -- employees can receive a loan for 10% of the purchase price (up to a maximum of $7,500), forgivable after five years, to purchase a primary residence within the boundaries of East Third Street to the north, Mountain Drive West to the south, Wyandotte Street to the west, and East Eighth and Hayes Street to the east.
- Expanded Community Home Purchase Support -- employees can receive a loan for 10% of the purchase price (up to a maximum of $5,000), forgivable after five years, to purchase a primary residence within the boundaries of the Lehigh River to the north, Mountain Drive West to the south, City of Bethlehem limit to the west, and East Eighth Street and Lynn Avenue to the east.
- Curb Appeal Support -- employees can receive a $2,500 one-time "curb appeal" deffered payment loan (in addition to one of the above loan plans). This loan must be spent on exterior home improvements, which improve the curb appeal of the home (and provided the total cost of the renovations exceeds $5,000).
For the above loans, no interest payments are due, and the loan will be forgiven at 20% per annum over five years. Employees who take advantage of the home buying initiative may also be eligible a homebuyer tax credit.
For additional information, contact the Treasurer's Office at 610-758-3180.