Drexel will provide a forgivable loan to eligible faculty and professional staff members towards the approved renovation of a home with the following parameters:
Approved home renovations are:
- Asbestos removal
- Energy audit
- External improvements
- Any renovation that improves the external structure of the building façade.
- It is the responsibility of the owner to ensure that any renovation or changes to the façade is within the guidelines of the zoning regulations and relevant historic architecture guidelines.
To request a forgivable home renovation loan, the faculty or professional staff member must:
- Schedule an appointment with Courtney Claiborne (firstname.lastname@example.org or 215.895.1666) to discuss and confirm eligibility.
- Submit the following documents (prior to renovation):
Complete a Home Renovation Loan Agreement: certifying, prior to renovation that the faculty or professional staff member owns and occupies the property as their principal residence.
Forgivable home renovation loans will be made payable to the home owner, provided the eligible faculty or professional staff member still meets all eligibility requirements on the renovation date.
Within 30 days of the completion of renovations, the eligible employee must deliver a form of certification together with certain required documentation, related to the renovations.
- signed Promissory Note
- detailed description of renovation(s)
- proof of 2 competitive bids from licensed contractors
In order to be eligible under these guidelines, the faculty or professional staff member must be a full- or part-time benefit eligible active employee of Drexel, on the date of the renovation of the property. Faculty or professional staff members on non-paid leave, regardless of the reason for the leave, are not eligible until they return to active paid.
All forgivable loans are subject to Philadelphia wage taxes and state and federal income taxes.