Eligible UBC Vancouver faculty and staff may receive up to $50,000 of down payment assistance to help in the purchase of a primary residence in Metro Vancouver.
Down payment assistance is provided as a forgivable interest-free loan for a period of five years. Eligible employees with a start date prior to July 1, 2017 may receive $45,000 of down payment assistance. Eligible employees with a start date of on or after July 1, 2017 may receive $50,000 of down payment assistance. The program is available within 10-year period following the start date of the initial university appointment in an eligible rank, or within six months prior to the start date.
The funds will be advanced on or before the closing date and cannot be used for the payment of a deposit on a property purchase.
The loan must be repaid to UBC under certain circumstances, including being unable to complete the purchase, being unable to take up employment at UBC, ceasing to be a UBC employee, or the property ceasing to be a primary residence, among others.
The forgivable portion of the loan principal and the interest benefit are taxable benefits. Refer to the sample calculation (.pdf) for more information and examples of how the taxable benefit and employee payroll withholdings are calculated.
Additional conditions may apply.