The USC Neighborhood Homeownership Program provides eligible employees with monthly payments totaling $50,000 or 20% of the home's purchase price (whichever is less) over a seven year period. The stipend will be evenly allocated. To receive this benefit, an eligible employee must purchase and occupy a single-family residence within the defined communities on or after July 1, 2006. The first payment will be made after approval of the Neighborhood Homeownership Program application, receipt of the final escrow settlement statement, and verification that the employee has moved into the acquired home. Payments will continue monthly, subject to confirmation that the recipient:

• Remains an eligible USC employee
• Continues to own and occupy the home
• Remains in good standing with the first mortgage

Benefit payments are considered income and will be taxed accordingly. Prospective buyers should check with their tax accountant to determine their personal tax consequences.

The program is administered by University Real Estate & Asset Management Office. Applications may be downloaded at www.usc.edu/admin/nhp/application.html or obtained from the Benefits Office at 3720 South Flower Street (CUB, 2nd Flr., UPC) or from the Personnel Department at 1975 Zonal Avenue (KAM 409, HSC). The University of Southern California reserves the right to alter or discontinue the USC Neighborhood Homeownership Program at any time.