Over a dozen faculty members gathered in front of Boone Hall, Friday, to participate in See Ypsi. Learn Ypsi. Live Ypsi.
"Live Ypsi is, for lack of a better term, a subsidy," Leigh Greden, advisor to the Eastern Michigan University president said in a speech. "It's basically a grant available to EMU employees to help them buy a home in the Ypsi area."
Here's how it works: EMU wants to work with the city by encouraging its faculty to live within Ypsilanti city limits. The goal is to improve property values, create a more engaged community and reduce carbon emissions with less commuting. These factors keep the area where the subsidy is available mostly within Ypsilanti city limits.
To purchase a home in town, the Eastern Michigan University Foundation is prepared to offer "a $7,500 forgivable loan to assist in purchase of their primary residence in the City of Ypsilanti or Ypsilanti township."
By "forgivable," they mean they will forgive 20% of the loan they receive every year residents meet the following requirements.
- Remain an EMU employee,
- Occupy the home as their primary residence
- And pay property taxes.
At the end of 5 years, 100% of the loan and interest is forgiven.
Greden says that the 4-year old program has helped over 20 employees purchase homes. One of the participating faculty members in Friday afternoons walk was Becca Timmermans.
"I'm a coordinator at the VISION volunteer center on campus. Our role is to connect EMU students to the community. We do a lot of work with academic service learning so [Jessica “Decky” Alexander] asked me to come and talk a little bit about what we do."
Alexander is the director of EMU's Office of Academic Service Learning. She gathered and helped organize the event. Once the participating faculty members collected their gift bags of water and candy, they went on a tour of EMU neighborhoods. This was to both shop for possible houses and, according to the flier that was handed out "navigate and showcase the unique and art-infused City of Ypsilanti to EMU faculty."
This program has many Ypsi-based partners — including the Downtown Development Authority, Washtenaw County Economic & Community Development, Ypsi mayor Amanda Edmonds and Spark EAST, which is where the walk ended.
According to the downloadable flyer, the event was funded by EMU, Washtenaw County and DTE, and ccording to emich.edu/liveypsi, the program is run by the Government & Community Relations Office.
There is not a unlimited amount of money however, and applicants will only be accepted as long as funds last. If you are an interested EMU staff member, you can go to emich.edu/liveypsi to find out more.
