The Greek community met with members of the University administration in Minor Hall on Saturday to discuss the new loan incentive program created by the Board of Visitors in January.
"This is the first opportunity we had to explain the program since the Board of Visitors approved it," said Leonard W. Sandridge, University executive vice president and chief operating officer.
The pilot program will provide loans to eligible fraternities and sororities to renovate their houses pending an application process. The program aims to provide safe and appropriate accommodations for students in the Greek system.
In addition to the option to upgrade current housing, "there are two other options available in the program," Inter-Fraternity Council President Phil Trout said.
The first alternative is a "build-out option" in which the University will build residential housing for members of the Greek community on Grounds, perhaps near Observatory Hill Dining Hall.
Fraternities and sororities also may choose to apply for the "buy-out option" which would allow the University to buy organizations' houses and lease them back to them.
"The program is very flexible and designed to help fraternities and sororities on a case by case basis," Sandridge said.
Loan applications should be available by the end of April for the $3 million the Board has offered. Applications will be evaluated on a first-come, first-serve basis.
The University only can have $3 million in outstanding loans to fraternities and sororities at any one time, but once fraternities and sororities repay the loans, the money probably can be loaned out again.
"The effectiveness of this entire program lies heavily on the application process and the review of those applications," IFC Public Relations Spokesman Ryan Ewalt said.
Groups that apply for the loans will have to comply with certain standards, and a number of areas must be addressed in the loan application.
Fraternities and sororities will have to explain how they plan to upgrade their facilities and their ability to repay the loans. They also will need to address compliance with state and local ordinances as well as University policies. Houses also need to promise they will use the money for its intended purpose.
It will be "up to the fraternity or sorority to suggest how they would ensure compliance with those standards," Sandridge said.
The meeting was the next step in the process of making the loan program a reality.
"This was an opportunity for the alumni and the presidents [of the fraternities and sororities] to communicate directly with each other and those in charge of the program," Trout said.
The Black Fraternal Council has expressed interest in exploring the opportunity for on-Grounds housing.
"We are looking into the possibility of building houses on Grounds through the build-out option," Black Fraternal Council Co-Chairman Kevin Stokes said.
It is not certain how many Greek organizations intend to apply for loans.
"There are definitely varying levels of interest but there are a lot of details that still need to be worked out," Trout said.
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