Fraternities and sororities soon will be eligible to receive loans from the University endowment to repair and improve their houses under a program created in January by the Board of Visitors.
The Board also authorized the University to fund on-Grounds housing for fraternities and sororities at its January meeting.
Funding for the loan program only will come from private sources, said Leonard W. Sandridge, University executive vice president and chief operating officer. Sandridge is charged with approving any loans that go to fraternities and sororities.
The Board required the University to charge interest at market rates on all loans under the program. The Board also stipulated that the University can hold no more than $3 million in outstanding loans to Greek organizations at any given time.
Fraternities and sororities that apply for loans must agree to renovate their houses in accordance with University-approved plans. They also must comply with certain standards of conduct with regard to social activities, business operations and upkeep of housing to be set by the University.
The Office of Student Affairs hopes to have applications for loans ready by the end of the semester, Dean of Students Penny Rue said.
The loans are needed to finance improvements to historic fraternity houses, Rue said.
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