UT President Jay Hartzell announced the launch of a new scholarship program on Sunday to help offset housing costs for dorm residents with high financial need. 

“Like many organizations in this fantastic city, the benefits we gain from being together are at risk due to escalating home prices and rents, along with our ability to attract and retain the talented students, faculty and staff we rely upon to change the world,” Hartzell and Allan Cole, dean of the Steve Hicks School of Social Work, wrote in the announcement. 

The program will prioritize first-year students by reducing dormitory costs by up to $1,800 per academic year for residents. It will impact over 3,500 undergraduate students, but it will particularly focus on helping the first generation and low-income students that make up roughly 25% of UT’s almost 41,000 undergraduate population, according to the announcement. 

According to the Association of College and University Housing Officers, first-year students who live on or less than 10 minutes from their campus are more likely to return to college after their first year because of increased social and academic opportunities. Hartzell and Cole said they are trying to promote this educational persistence by helping students afford housing. 

The University is also attempting to create more affordable housing by increasing the amount of units available. Dobie Twenty21, which UT recently purchased and renovated, added 778 beds for undergraduates, and the University is working with the Austin City Council to look into how to expand or build new housing units. 

“Access to housing on or near campus is fundamental to our core objective of enabling students to pursue their dreams and benefit society,” Hartzell and Cole wrote in the announcement. “As we launch this phase of our strategy, we aspire to identify and implement solutions that benefit all while preserving the unique qualities of the city we all value and embrace.”