Live Near Your Work, WashU’s innovative forgivable home loan program, is expanding its footprint of eligible neighborhoods to include downtown and portions of south St. Louis, north St. Louis and north St. Louis County.
The Live Near Your Work program offers a limited number of $12,500 forgivable home loans for homes priced at $300,000 or less. All WashU benefits-eligible employees who have worked for the university for at least one year may apply to the program. WashU has allocated $300,000 for the upcoming fiscal year.
“Our goal is two-fold — to offer employees more options in homes and neighborhoods and to stabilize residential neighborhoods across the region, including those impacted by last year’s tornado,” said Lisa Weingarth, senior advisor to the chancellor and executive director of the “In St. Louis, For St. Louis” initiative.
The forgivable loan may be used toward a down payment or closing costs. After five years, the loan is forgiven as long as the employee continues to reside in the home and holds a benefits-eligible position.
Founded in 1997 by the WashU Medical Center Redevelopment Corporation, the Live Near Your Work program originally was limited to select neighborhoods in St. Louis and University City near the Danforth and Medical campuses. BJC Healthcare also sponsors its own Live Near Your Work program. In total, the two institutions have funded more than $3 million in loans since 2020. The majority of applicants are first-time home buyers.
To learn more about Live Near Your Work and to view an interactive map, visit the program’s website.
