Phi Delta Theta fraternity became the first member of the Inter-Fraternity Council to successfully apply for a Board of Visitor's loan to buy property Thursday, pending expected full Board approval on Feb. 3.
The BOV granted the loan as part of the Fraternity and Sorority Investment Program, created in 2002 to provide financial aid "for improvement to off-ground fraternity or sorority houses or to provide on-grounds fraternity or sorority housing," according to the BOV's agenda summary.
Phi Delta Theta will use the loan proceeds to purchase property at 1703 Grady Ave. from the Sigma Alpha Epsilon fraternity. Phi Delta Theta will move to the site this June, while Sigma Alpha Epsilon will move to 160 Madison Lane, Laushway said.
Laushway said Phi Delta Theta presented an unusually strong application.
"I think it was because the brotherhood and the application was so strong," Laushway said. "You have represented alumni and young men who are among the best at the University in terms of their contributions, in terms of their academic success, in terms of their diversity."
Members of Phi Delta Theta declined to divulge loan specifics or the price of the property, but said they look forward to the move after having spent years in a rented house at 167 Chancellor St., managed by HasBrouck Real Estate Corporation.
Renting "is getting a little pricey," Phi Delta Theta president Steve Glass said. "It'll be a great move for us."
Glass added that the new space will be able to house 18 people, as opposed to the current 13.
Steve Reis, a first-year Law student and former member of Phi Delta Theta helped the fraternity navigate the approximately one-month-long application process.
"That idea [to purchase a house] started when I was an undergrad and was almost a five-year process," Reis said.
The new house features larger rooms for meetings, "a nice porch," and ample parking, Reis said.
IFC president and Phi Delta Theta brother Ross Kimbel said he views his fraternity's successful bid for the house as a victory for the fraternity system as a whole.
"Fraternities have been a part of the University since 1853, and we've played an integral part in the operations," Kimbel said. "Protecting certain property is important for the long term health and to continue growing and strengthening."
Members acknowledged having heard that local company Woodard Properties had attempted to purchase the house, but no Woodard Properties representative was available for comment.
"It's unusual for a fraternity [house] to leave the University," said Kimbel. "These houses don't free up very often, and from a fraternity perspective, keeping these houses within the fraternities is a very good thing for the system"
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