Lease Guaranty Program
Beth Israel Deaconess Medical Center ("BIDMC") Lease Guaranty Program
The BIDMC Lease Guaranty Program (the "Lease Guaranty Program") is a resource for postgraduate trainees accepted to any BIDMC Graduate Medical Education program, for the duration of their training period at BIDMC, and will be administered by the Office of Graduate Medical Education at BIDMC. The Lease Guaranty Program, as described below, is designed to help trainees with the potentially high initial lease expense that is often required in order to secure rental housing in Boston and the area.
The terms of the Lease Guaranty Program will consist of the following: BIDMC will guarantee to a participating landlord payment of (i) rent and (ii) cost of repair of any damage caused by the BIDMC trainee/tenant in accordance with a signed guaranty (the "Lease Guaranty"). The maximum liability under the Lease Guaranty will be the lesser of the amount equal to two months' rent or $6,000. A participating landlord will not collect a security deposit or any other advance payment from the trainee but will collect monthly installments of rent at the beginning of the month to which the rent applies. In order to become a participating landlord, the landlord must agree to the terms of the Program "as-is."
The terms of the Lease Guaranty Program also consist of the following: the trainee agrees to reimburse BIDMC for any payment that BIDMC is required to make on his/her behalf under the Lease Guaranty Program. Reimbursement will promptly begin via authorized automatic deduction from the trainee's paycheck. The Lease Guaranty Program does not relieve the trainee from any lease obligation nor will BIDMC become involved in any tenant-landlord issues or negotiations.
The term of the Lease Guaranty Program is for one year and may be renewed annually for the duration of the trainee's enrollment at BIDMC. Payment by BIDMC to a landlord will be made on demand, only in the event of a claim.
Trainees may obtain information about the Lease Guaranty Program from the Office of Graduate Medical Education and Program Directors. As appropriate, the trainee should forward the Lease Guaranty Program information to their potential landlord. The landlord must agree to the terms of the Lease Guaranty "as-is", without modifications.
To initiate the Lease Guaranty Program, the trainee will need to submit the following documents to the Office of Graduate Medical Education (prior to entering into any lease agreement):
1. a copy of his/her Program Offer letter or Match Verification Form in order to demonstrate his/her eligibility to participate in the Lease Guaranty Program;
2. a completed & signed Indemnity and Salary Deduction Authorization Form; and
3. a signed copy of the Lease Guaranty Procedure document, which summarizes the terms and conditions of the Lease Guaranty Program.
Once a landlord has agreed to participate in the Lease Guaranty Program and has accepted the trainee's lease application, the trainee will need to provide the Office of Graduate Medical Education with the lease address and landlord's name and address so that GME may issue the Lease Guaranty. GME will provide the Lease Guaranty document to the trainee to present to the landlord for signature.
The trainee must then return the Lease Guaranty signed by the landlord and together with a copy of the fully executed Lease Agreement to the GME office within 14 days from the date of issue of the Lease Guaranty. The Lease Guaranty will become effective only upon the receipt / signature by the GME Office.
Please direct any questions regarding this program to:
Jill Herrin, Administrative Director, Graduate Medical Education