Washington University of St. Louis is an independent university known internationally for excellence in teaching and research. The University attracts a high quality faculty and some of the best students in the nation.
Located in the heart of St. Louis, the 169 acre main campus is located in University City within only minutes of Clayton and the Central West End. The 59 acre medical campus is located in the trendy Central West End portion of St. Louis City.
Though the campus is surrounded by wonderful neighborhoods where faculty, students and St. Louis residents live, there are also a few neighborhoods close to the university which have struggled.
Washington University offers a housing loan program to eligible employees in order to permanently stabilize these neighborhoods.
How Much Money Can You Get?
The Washington University Employee Assisted Housing program offers forgivable loans of 5% of the purchase price of the home up to a maximum of $6,000. Rehab loans offer 5% of the combined purchase price and rehab cost (maximum loan of $6,000)
Plus, program participants who purchase a home in the Forest Park Southeast neighborhood (see eligible boundaries below) can get up to $8,500.
The loans can be used for points, closing costs, down payment or rehab costs and are forgiven if the employee remains in the home for five years.
Who is Eligible to Get a Forgivable Loan?
Full-time and part-time employees (20 hours or more per week) of Washington University and BJC Health Systems in good standing are eligible for the program. Graduate students and research fellows are no longer eligible for the program (effective 9/16/09).
Eligibility requirements for the Washington University EAHP:
- purchase an eligible property
- may use this benefit only once
- may not combine the benefit with another employee’s benefit on a single home purchase
- must qualify for a mortgage through a participating approved lender
- must not be a disqualified person ~ defined by IRS as including any employee (any of his or her family members) who is or was at any time during the previous 5 years in a position to exercise substantial influence over the affairs of Washington University
In addition, BJC employees are only eligible for a forgivable loan if they purchase a property in the Forest Park Southeast neighborhood. BJC employees can receive up to a maximum of $4,000 or 5% of the purchase price (whichever is less).
What Properties are Eligible for the Program?
Employees can purchase single family homes, condos, townhomes or 2-4 family buildings. All properties must used as a primary residence and be located in the boundaries set by Washington University for these neighborhoods:
- Forest Park Southeast
- West End
- Northeast UCity
- DeBaliviere Place
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If you would like to see properties for sale in any of the above areas, contact us for a current list of eligible properties or search for yourself via the Home Search map.