Middlebury College Employee Benefits are described in the Employee Handbook chapter of the College Handbook. Because faculty are employed on a contractual basis, specific provisions relating to vacation and sick leave as stated in the Employee Handbook chapter may not be applicable to them. Conversely, faculty may be eligible for specific provisions that are not applicable to general employees.
College Rental Program
The purpose of the Middlebury College rental program is to provide temporary housing for faculty and certain administrative staff positions at the time of hire. Housing is meant to be short-term in duration. This policy is outlined below.
Approved tenured and tenure-track faculty tenants can stay in College house for a maximum of 8 years or the end of employment with the College whichever comes first. All other approved tenants can stay in College housing a maximum of 2 years.
All rental relationships are governed by a lease, require a security deposit and the rents are collected by payroll deduction. Most housing units require the tenant to pay some or all of the utilities. Middlebury Town water and sewer charges are billed to the College and may be rebilled to the tenant by the College according to the lease.
Available housing is listed on the Business Services website. Please do not ask to tour occupied houses. Housing is allocated by a lottery process each year in the spring. All leases end on June 30, and are normally written for one year at a time with the option to renew. The first year of a rental will normally begin in mid-August.
The College attempts to operate its rental housing on a break-even basis, which in practice means that it is planned that anticipated income and projected expenses be equal for each fiscal year.
Rents are based on the services and utilities provided real estate taxes, maintenance expenses and the local rental market. The College rents are designed to be at local market rates.
Tenants must carry their own renters' insurance to protect their own contents and provide liability coverage.
Middlebury College has a second mortgage program to assist faculty in the purchase of their first home in the Middlebury area. The home must be within 40 miles of campus; exceptions to this policy must be approved by the chief academic officer. Faculty eligible for this program include tenured faculty; tenure track faculty who have passed their first review; and physical education faculty with five years of service.
The National Bank of Middlebury (NBM) is the College’s partner in this mortgage program.
The NBM will administer, underwrite, close, and hold the second mortgages. The College will collect the payments and subsidize the interest rate on a monthly basis. The new loans will be up to $150,000 or the amount of the first mortgage, whichever is less, have a term of not more than 25 years (but in no event can the term be longer than the term of the first mortgage), a loan to value ratio (first and second mortgages) of 90% or less, and be payable biweekly. The bank will record all interest paid and issue an IRS form 1098 based on the full bank payment. The College and borrower will enter into an agreement, where the College will provide a discount on the second mortgage rate payable to the bank on behalf of the employee every two weeks. This subsidy will be a taxable benefit to the employee.
The amount of the subsidy will be the difference between the NBM loan payment and a payment determined at 2% below the rate on the employee’s first mortgage.
Faculty interested in participating in the mortgage program should contact the Business Services Office, 802.443.5504.