In order to stabilize the DeBaliviere Place, Forest Park Southeast, Northeast University City, Skinker-DeBaliviere, West End, Parkview Gardens, and a portion of the Central West End neighborhoods, Visitation Park, Academy, Fountain Park, Lewis Place and Vadeventer, is offering forgivable loans to eligible Washington University and BJC HeathCare employees.

Eligible employees who purchase a home as a primary residence in eligible neighborhoods may be able to receive a forgivable loan in the maximum amount of eight thousand five hundred dollars ($8,500). For homes purchased in Forest Park Southeast the maximum loan amount is twelve thousand five hundred dollars ($12,500). These funds are to be used to pay either part of the down payment or closing costs on a home purchase.

Properties eligible for this program must be:

1. 1-4 family buildings. Condominiums are eligible.
2. Used as a primary residence by the purchasing employee.
3. Located in one of these program-approved areas:
   • DeBaliviere Place
   • Forest Park Southeast
   • Skinker DeBaliviere
   • West End
   • University City Northeast
   • Parkview Gardens
   • (Portion of the) Central West End
   • Visitation Park
   • Academy
   • Fountain Park
   • Lewis Place
   • Vandeventer

The precise boundaries of the approved areas are described elsewhere on the Live Near Your Work Website.

To find out if you’re an eligible employee, visit our eligibility page.

The maximum amount of new forgivable loans to be issued during any fiscal year (July 1 – June 30), issued on a first-come, first-served basis, is $300,000 for Washington University employees, and $200,000 for BJC HealthCare employees, with the following adjustments:

1. Loans for homes purchased in any neighborhood, including Forest Park Southeast, count toward the limit.
2. Once the limit has been reached, loans may not continue to be made for homes purchased in neighborhoods except for Forest Park Southeast.

Each Live Near Your Work program participant and any co-buyer of the property must sign the following legal documents prior to closing.

1. Truth in Lending Statement
2. Privacy Notice for Borrowers
3. Promissory Note
4. Tax Disclosure Statement

Loans are not secured by a mortgage or deed of trust on the house.  If you would like to preview the documents prior to the pre-closing meeting, please contact the program administrator.

The employee and any co-buyer and the Live Near Your Work program administrator will submit for review requested pre-closing documents within five (5) business days of the closing of the property. The employee and any co-buyer must furnish all required documentation to the Live Near Your Work program administrator and sign the required legal documents. Once these items have been accomplished, the Live Near Your Work program administrator will be responsible for having the check and copies of the executed agreements delivered to the appropriate title company. If closing does not occur, the loan will not be funded and the signed legal documents will be destroyed or returned to the employee.

Once all required documents are received [the Washington University Medical Center Redevelopment Corporation] [Washington University] will wire the funds to your closer. The legal documents will be kept on file at the Washington University Medical Center Redevelopment Corporation, Campus Box 8004, and 1408 Tower Grove Avenue, St. Louis, MO 63110.

The Live Near Your Work program administrator will initiate a quarterly review of all Live Near Your Work program participants by furnishing Human Resources with name and addresses of all Live Near Your Work program participants and a request that Human Resources verify that the employee is still employed by Washington University and that the address is still the current address for the employee. After Human Resources verifies the information and notifies the Live Near Your Work program administrator of any exceptions, the Live Near Your Work program administrator will contact the employee to resolve discrepancies.

The Live Near Your Work program administrator will get involved as necessary when a sale or transfer of property is involved. The program administrator will consult appropriate officials of Washington University to determine if loan terms have been violated and what action needs to be taken.

If a Live Near Your Work program participant notifies the Live Near Your Work program administrator of other changes in the participant’s employment or ownership of the property or a desire to prepay the loan, the Live Near Your Work program administrator will notify/seek assistance from appropriate officials of Washington University. The following table lists other loan modification events and the effect on the loan.

Loan Modification Events

The Live Near Your Work program loan has certain tax consequences. The amount of the loan that is forgiven will appear on your W-2 statements as “Other Income.” You will be required to count this as part of your taxable income.

For any or no reason Washington University reserves the right to modify or terminate the Live Near Your Work program at any time, provided that no such modification or termination shall apply to any loan previously made pursuant to the program.