Word: planned
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Dates: during 1970-1979
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...Harvard Real Estate Corporation will administer the new plan, but eligibility will be determined by the dean of each faculty...
University faculty who plan on buying homes in Cambridge this year will be eligible for low-interest, long-term loans under a new $2 million mortgage subsidy plan approved by the Harvard Corporation. Thomas O'Brien, financial vice-president, said yesterday...
...loan plan, labelled the "Cambridge Option" by O'Brien, would allow tenured faculty--whose average income was about $40.000 last year--to purchase homes closer to campus with special mortgages at 6 per cent interest and 40-year terms...
...tenured faculty will not benefit from the plan, but O'Brien said attempts will be made to find more housing space. "We can only tackle one problem at a time," he added...
Under the present faculty housing plan, the University rents housing that it already owns to faculty at favorable rates with the option of buying, Robert Silverman, vice-president for property management, said...