Campus News
UC Santa Cruz to pilot innovative program to support employee homeownership
The program, developed jointly by UC Santa Cruz and CalHFA, is built on CalHFA’s proven shared appreciation loan framework and reflects the university’s commitment to supporting recruitment, retention, and long-term financial stability for its employees.
Under the pilot, UC Santa Cruz will offer eligible employees a shared appreciation loan covering up to 20% of a home’s purchase price, which may be applied toward down payment and closing costs.
UC Santa Cruz will pilot a new program to support employee homeownership, possible because of a landmark initiative between the University of California and California Housing Finance Agency (CalHFA).
The University of California Shared Appreciation Pilot Program will launch at UC Santa Cruz in late spring 2026.
It is a first-of-its-kind workforce housing initiative designed to expand homeownership opportunities for eligible UC Santa Cruz employees. The program, developed jointly by UC Santa Cruz and CalHFA, is built on CalHFA’s proven shared appreciation loan framework and reflects the university’s commitment to supporting recruitment, retention, and long-term financial stability for its employees.
“This partnership with CalHFA represents a transformative investment in our workforce,” Chancellor Cynthia Larive said. “We are proud to lead the way in offering benefits that create meaningful opportunities for our employees. By expanding access to homeownership in this challenging market, UC Santa Cruz is advancing innovative solutions that strengthen our community and position this pilot as a model for potential expansion across the UC system.”
“The initiative could be replicated at other UC campuses, as well,” said UC Systemwide Chief Financial Officer Nathan Brostrom. “This agreement serves as a model for what we can do to help our employees at Santa Cruz and at other campuses. I look forward to working with CalHFA’s leadership to explore how we can expand these offerings across the state.”
Under the pilot, UC Santa Cruz will offer eligible employees a shared appreciation loan covering up to 20% of a home’s purchase price, which may be applied toward down payment and closing costs. This assistance is paired exclusively with a CalHFA Conventional first mortgage, ensuring that borrowers benefit from strong consumer protections, standardized underwriting, and CalHFA’s long-term servicing model. The university will fund the program and CalHFA will serve as the administrator.
CalHFA Chief Deputy Director Rebecca Franklin echoed the agency’s commitment to innovation in affordability solutions, noting its extensive experience administering shared appreciation programs.
“We are proud to collaborate with UC Santa Cruz on this forward-looking model that adapts the successful elements of statewide programs to address the unique needs of university employees,” Franklin said.
UC Santa Cruz will share more information about this program soon. For more information about the Shared Appreciation Pilot Program, employees may contact UCSC Employee Housing at employeehousing@ucsc.edu.