University to make loan funds available for greek houses

UA greek organizations can borrow money from the University to construct and renovate their houses, UA President Robert Witt told the Alabama Management Society Monday night.

Witt said this plan would allow fraternities and sororities that have houses on campus to take advantage of the low interest rates the University receives from bond issues.

Witt said non-greek student organizations will be able to take advantage of the plan, but "I would be surprised if any other group would want to use this.

"Basically it was designed for fraternities and sororities," he said.

The opportunity to borrow money through the University was announced to a group of greek organizations in February, Dean of Students Tom Strong said.

Witt said money could be borrowed for the construction of a new house or the reparation, renovation or expansion of an existing house. Fraternity and sorority leaders had expressed difficulty in obtaining funds necessary for the upkeep of their houses, he said.

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