Historical April–May 2002 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
Washington University has for several years offered employees an incentive to purchase a home in the Skinker-DeBaliviere Neighborhood.
The program offers WU employees a 5-year forgivable loan of up to $ 4,000 or 5% of the purchase price of the house (whichever is less) for points, closing costs, or downpayment assistance. Full-time employees are eligible for this program, if they otherwise qualify for an approved lender’s FNMA mortgage to purchase a primary residence in one of three neighborhoods. .
In addition to Skinker-DeBaliviere, the program has been expanded to include both Forest Park Southeast and Northeast University City Neighborhoods.
As their informational material states, the goal is “to permanently stabilize the neighborhoods” by encouraging their employees to make their homes nearby.
The loans are forgiven at a rate of 20% annually over 5 years, if the buyer continues to reside in the new home.
After five years, assuming the resident stays in the home and remains a WU employee, the loan is totally forgiven and the second mortgage on the home is removed.
A previous restriction on resale, giving first option to WU, has been eliminated from the program, at the request of Skinker-DeBaliviere neighborhood residents.
Another interesting aspect of this incentive is that it’s not just for firsttime homebuyers, and anyone in good standing working full-time for WU is eligible. Complete program requirements are available upon request by calling 652- 0895.
Originally published in The Times of Skinker-DeBaliviere, April–May 2002.
Read this article in the original newspaper issue.
Original source: SD_Times2002_04.pdf, printed page(s) 6; PDF page(s) 6.
