University of Virginia Library

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128

FACULTY HOUSING LOANS

The President noted the receipt from the Alumni Board of Trustees of the University of
Virginia Endowment Fund of an agreement to place an additional $50,000 in the Fund used to
guarantee loans on faculty housing under certain terms and conditions. Under the terms of this
agreement, the Alumni Board of Trustees agrees to guarantee loans on faculty and administrative
officers residences up to 10 per cent of the appraised value of such homes provided no single
guarantee exceeds $3,000, that this additional 10 per cent is to be in addition to the 70 per
cent which the Board of Visitors has agreed to lend the staff members but that in no case is the
total loan to exceed 80 per cent of the appraised value of the property, that the total commitment
of the Alumni Board of Trustees of the University of Virginia Endowment Fund at any one time shall
not exceed $100,000, that the Alumni Board of Trustees shall not be called upon to provide any
funds except in case of default, and that in the repayment of these loans, all payments shall first
be applied to liquidate that part of the loan underwritten by the Alumni Board of Trustees. The
Board expressed its appreciation to the Alumni Board of Trustees of the University of Virginia
Endowment Fund for its generosity in providing this additional underwriting of $50,000