Campus News

Employee Housing is Launching the UC Shared Appreciation Pilot Program Waitlist

The waitlist will open officially on Wednesday, June 10, at 12:00 PM (Noon) PDT. Approximately 15–20 employees will be funded through this initial pilot phase.

June 9, 2026

By Public Affairs

UC Santa Cruz Employee Housing is pleased to announce the opening of the waitlist for the UC Shared Appreciation Pilot Program. Developed jointly by UC Santa Cruz and CalHFA, this first-of-its-kind workforce housing initiative is designed to expand affordable homeownership opportunities and support the long-term financial stability of our dedicated campus community.

Key Dates & Selection Process

The waitlist will open officially on Wednesday, June 10, at 12:00 PM (Noon) PDT.

To keep the process clear and accessible, participants will be selected from the waitlist sequentially, in the exact order that submissions are received. Approximately 15–20 employees will be funded through this initial pilot phase.

Eligibility Guidelines

• Full-time, benefits-eligible University of California, Santa Cruz employees.
• Employees who are ineligible for the Mortgage Origination Program (MOP).
• Meet income, credit, and loan requirements of CalHFA’s first mortgage loan program, the CalHFA-approved lender, CalHFA’s Master Servicer, Lakeview Loan Servicing, and the mortgage insurer, as applicable.
• Program eligibility is based on the recruitment or retention needs of the campus.
• A citizen or other National of the United States, or a “Qualified Alien” as defined at 8 U.S.C § 1641.
• Only for a single-family residence, a manufactured home or a condominium.
• Loans may not be used for construction financing. 
• The property must be the principal place of residence of the primary participant for the term of the loan. 
• Property must be located within one of the following Contiguous Counties:

• Santa Cruz
• San Mateo
• Santa Clara
• San Benito
• Monterey 

• Participants must not have owned a primary residence within the prior 12 months in any of the Contiguous Counties.
• Borrowers must complete Home Buyer Education:
  • New Home Buyer Education
  • UC Shared Appreciation Loan Buyer Education

Program Details & Benefits

Built on CalHFA’s proven shared appreciation framework, the program provides:

• Down Payment Loan Support: UC Santa Cruz will offer eligible employees a 30-year shared appreciation loan covering up to 20% of a home’s purchase price for up to a 20% share of the home’s appreciation. 
• Repayment Timeline: Repayment of the loan principal and shared appreciation is deferred until the home is sold or transferred. Homeowners may be permitted a one-time refinance of their primary mortgage to secure a lower interest rate without triggering immediate repayment.  
• Trusted Financing: This assistance is paired exclusively with a CalHFA Conventional first mortgage, ensuring borrowers benefit from standardized underwriting and a secure, long-term servicing model.
• Program Structure: The program is funded by the university, while CalHFA serves as the expert third-party administrator.

Questions?

For more information about the UC Shared Appreciation Pilot Program or to prepare for the waitlist opening, please contact UCSC Employee Housing directly at employeehousing@ucsc.edu.