Harold Raveché, former president of Stevens Institute of Technology agrees to pay off $721,000 housing loans
Star-Ledger
February 3, 2011
Stevens Institute of Technology has reached a deal to have its former president pay off more than $721,000 in controversial low-interest loans the school gave him to buy a Shore house and a vacation home in Vermont.
Harold Raveché, who stepped down last year after 22 years as president, will use cash from his university retirement plan to settle the mortgages on the two properties by Oct. 31, according to the agreement. He will continue to own the properties located on Barnegat Bay in Lacey Township and in Mount Snow Valley in Vermont.
Stevens officials were required to end Raveché’s loans under a deal the school made with the state Attorney General’s office last year to settle a lawsuit over the private university’s finances and governance.
The below-market mortgages, which carried a 2-percent interest rate, were among several financial practices the Attorney General’s office questioned when it sued the Hoboken university.