Benefits-eligible faculty (half-time or greater) in the professorial ranks (Instructor, Assistant Professor, Associate Professor, Professor or Lecturer), or appointed as Instructors in Science Laboratory, are eligible for faculty housing and have renewal privileges.
Other benefis-eligible members of the teaching staff may be eligible for housing on a space-available basis. Certain administrative positions, as determined by the Office of Finance and Administration, are eligible for faculty housing with renewal privileges.
Eligible applicants who wish to enter faculty housing or move from one faculty residence to another will be offered available housing according to these assigned priority levels:
Level 1: Tenure-track faculty; tenured faculty who are in their first six years at the College.
Level 2: Tenured faculty after their first six years at the College.
Level 3: Faculty on term appointments, Instructors in Science Laboratory and PERA faculty.
Level 4: Visiting Fellows and others.
Levels 1-3 have renewal privileges. For those individuals at the same priority level, priority will be determined first by the number of dependents and then by the number of years of continuous service at Wellesley College, where individuals with more dependents and more years have higher priority . Dependents are ordinarily defined as children through age 23 (or older if disabled) and dependent parents living full time with a faculty member. Priority among those individuals at the same priority level with the same number of dependents and years of continuous service will determined by drawing lots.
In extraordinary circumstances, the Faculty Benefits Committee will consider requests for exceptions regarding priorities. Such requests should come from the President, the Provost, the Dean of Students and the Vice President for Finance and Administration on behalf of individuals who report to them.
Houses are intended for faculty members with dependents. They may be offered to those without dependents only if there is no eligible person on the waiting list with dependents.
A faculty member who owns a house in the general vicinity of the College is not eligible for faculty housing, although exceptions are made for transitional situations.
-The rate of housing rent charged to tenure-track assistant professors and non-tenure eligible faculty is set to a rate of approximately 70% of market rate. The specific percentage is subject to periodic review and adjustment by the College
-When a tenure-track faculty member becomes tenured and eligible for the College mortgage program, then rent will increase incrementally over a 6-year period to fair market value for the unit being occupied. This practice is subject to periodic review and adjustment by the College.
-It is the practice to hire a local real estate appraiser each year to review recent rentals of apartments and single family houses in Wellesley to determine if there has been any significant market movement from the prior year. Depending upon the trend from a year ago, an increasse for the next academic year may be implemented. These increases tend to be in the range of 1.5% - 4%.
-Tenants may incur imputed income if rent is determined to be lower than 5% of the appraised value of the unit. The IRS considers the difference between this amount and actual rent charged to be taxable income. Appraised values are reviewed each year and every fourth year a compehenisve re-appraisal is conducted.