Ypsilanti, MI, Feb. 17, 2020 (GLOBE NEWSWIRE) -- The LiveYpsi home loan program, which offers forgivable home loans to Eastern Michigan University faculty and staff who purchase a home in Ypsilanti or part of Ypsilanti Township, is nearing the milestone of 70 homes purchased since the program was launched in 2012. More than $10 million in home purchases have been supported by the initiative.

Eastern Michigan administers the programs, with funding from the University and Washtenaw County.

The LiveYpsi Program supports the Ypsilanti-area community by encouraging eligible employees to purchase homes in neighborhoods surrounding the University's main campus. Having eligible employees reside in the area promotes home ownership and encourages involvement in the community.

Details of the program include:

• LiveYpsi is available to regular employees of Eastern Michigan University and the EMU Foundation.
• The geographic area covered by the program is the City of Ypsilanti and selected parts of Ypsilanti Township.
• The program provides a forgivable loan of $5,000 or $10,000, depending on the location of the home.
• The employee may use the loan for anything related to the purchase of the primary residence. Eligible expenses include down payment assistance, remodeling and closing costs.
• For each year the employee remains employed by Eastern and living in the home, 20 percent of the loan is forgiven. After five years, the entire amount of the loan is forgiven.

Participating faculty and staff praise the program:

“As a new faculty member, I felt it was important that I make this community, not just the University, my home. The LiveYpsi program has been instrumental in making that possible,” said Sarah Walsh, an associate professor of health science who purchased a home through LiveYpsi after joining the EMU faculty in the fall of 2013. "Plus, I get the added bonus of walking to work. LiveYpsi is a great program."

About Eastern Michigan University

Founded in 1849, Eastern is the second oldest public university in Michigan. It currently serves nearly 18,000 students pursuing undergraduate, graduate, specialist, doctoral and certificate degrees in the arts, sciences and professions. In all, more than 300 majors, minors and concentrations are delivered through the University's Colleges of Arts and Sciences; Business; Education; Engineering and Technology; Health and Human Services; and, its graduate school. EMU is recognized by national publications for its excellence, diversity, and commitment to applied education. For more information, visit the University's website.

Morgan Mark
Eastern Michigan University
7344874402
mmark@emich.edu