Historical November 1987 report or notice. Original dates, prices and contacts describe the source period; current availability has not been established.
The Boatmen’s National Bank of St. Louis has committed $50 million to a Community Reinvestment Program for loans in low to moderate income housing areas.
They are also making grants totalling $100,000 annually to neighborhood organizations to help promote and assist the bank with this program.
One of the areas eligible under this program is census tract 1052 which includes the entire Washington Heights neighborhood: DeBaliviere (E), Des Peres (W), Delmar (N), Forest Park Parkway (S).
This tract also includes the 6000 and 6100 blocks of Pershing and the south side of the same blocks of Waterman.
The Skinker DeBaliviere Community Council was awarded a $5000 grant earlier this year to assist with the program in this area. Under this program, Boatmen’s will make housing related loans including permanent mortgage financing for purchase and rehabilitation of one- to four-family residences, for purchase and rehabilitation of multi-family residential buildings, short-term loans for construction of rehabilitation on projects qualifying for permanent financing under the program, and home improvement rehabilitation on one- to four-family owner occupied structures. Boatmen’s promises great flexibility in loan terms and pricing as well as with loans guidelines to meet borrowers’ needs. Under the program, credit worthiness is the major consideration, but Boatmen’s will review applications on a case by case basis and consider income continuity, credit history, and total monthly debt ratios of applicants. Boatmen’s will also consider “sweat equity” as the equivalent of a cash investment in a rehabbed property on a case by case basis . if you are interested in learning more about this program, please call the SDCC office, 862-5122.
Originally published in The Times of Skinker-DeBaliviere, November 1987.
Read this article in the original newspaper issue.
Original source: SD_Times1987_11.pdf, printed page(s) 3; PDF page(s) 3.
