Frequently Asked Questions

No. LNYW forgivable loans are issued on a first-come, first-served basis and the number of loans to be issued during any fiscal year is limited. The maximum funding amount available for all forgivable loans issued each fiscal year is limited to $300,000 for employees of Washington University in St. Louis and $300,000 for employees of BJC HealthCare. Please contact the LNYW Program Administrator ( or 314-747-2336) if you have questions about how much funding is still available.

No. The eligible areas located St. Louis City and St. Louis County were selected by the WUMC Executive Committee and cannot be modified except by board decision. All homes purchased through the Live Near Your Work program must be in the eligible areas outlined and fall within the program area boundaries for those areas. For streets that form boundaries, homes on both sides of these border streets are eligible.

No. Employees must go through an approved lender for their mortgage loan. There are no exceptions. Approved lenders are reviewed annually.

Yes. Employees who take advantage of the program are responsible for paying taxes on the loan as it is qualified as taxable income. The rate set by the IRS is .3965. Taxes are withheld from the employee’s paycheck each pay period. Human Resources sets the deduction to be withheld from the employee’s paycheck on a monthly or biweekly basis over a five year period.

For example, if the loan you receive is for $12,500.00, then the annual amount forgiven would be $2,500.00 (or 1/5 of the loan amount). This amount will be included on your W-2. There will be a proportionate increase in the amount of tax withholdings from your paycheck corresponding to the anniversary date of your forgivable loan. Here is how that works out:

  • Amount of Forgivable Loan: $12,500.00
  • Amount forgiven annually (1/5 of loan amount): $2,500.00
  • Tax rate of .3965 times above number (.3865 if you do not live or work in the city): X .3965
  • Annual Tax: $991.20

Further questions should be directed to Human Resources.

Only one forgivable loan is allowed per property. Eligible couples are only eligible for one loan on a property.

WUMC Residents are eligible for the program, but WU students are not.

Yes! Anyone that is a benefits-receiving employee of BJC HealthCare and who works 24 hours or more a week is eligible to participate in the program.

No. We cannot recommend or approve real estate agents and insurance agents for liability reasons. We also do not advertise properties for sale in our eligible neighborhoods. It is up to the employee to find the best agent and best home to fit their needs.

Home Buying Tips

Buying a new home can be overwhelming. As you begin shopping for properties, here are a few tips to keep in mind. Identify what aspects of your new home are the most important to you, including:

  • What kind of property are you looking for? A single family, condo, duplex?
  • What home features do you care about the most? An updated kitchen or bath, a big yard?
  • How many bedrooms and bathrooms do you need?
  • What neighborhood amenities are you looking for?
  • What will your commute look like?
  • How accessible is the home to dining, shopping or other recreational activities?
  • Will you have necessary access to public transportation or highways?
  • Is the home ready to move in, or are you willing to rehab?