The Fund provides financial assistance for faculty and staff who purchase or currently own houses within one mile from campus by offering “fix up” matching funds up to $4,500 for home improvement projects. Funds are provided in the form of a forgivable loan and are considered by the IRS to be a taxable benefit. The program requires that recipients live in their home for a minimum of three years after the improvements have been made. One third of the loan is forgiven in each of the three years after you complete your renovations. If you sell your home before three years, the unforgiven portion of the loan becomes due. This is a one-time benefit for Macalester employees.
Full time employees of Macalester residing in the target area may receive up to $4,500, on a 1:1 match of employee dollars, for renovation and remodeling of their primary residence. The residence must be located in the target area bounded by Interstate 94 on the north, Randolph Avenue on the south, Lexington Avenue on the east and Cleveland Avenue on the west.
You will not need to submit any paperwork until your project is underway or completed. Three forms must be completed to receive the matching funds: Application Form, the Loan Agreement and the Promissory Note.
To participate in the program please email us at firstname.lastname@example.org.