Historical November–December 2004 article. Dates, prices, services and contacts describe the source period; current availability has not been established.
A national Fannie Mae program launched last month in St. Louis will help area residents living near public transportation get a better deal on buying a home.
The “Smart Commute” Initiative can help home buyers qualify for a larger mortgage if they live within a quarter mile of a bus stop or half mile of a MetroLink stop. Smart Commute stands to benefit Skinker-DeBaliviere substantially as the entire neighborhood is eligible for the program. Fannie Mae partnered with Metro, the City of St. Louis, and lending partners Countrywide Home Loans and First National Bank of St. Louis to establish the St. Louis launch of Smart Commute.
The program was launched on October 28th at the Forest Park Metrolink station in the Skinker-DeBaliviere neighborhood. Mayor Francis Slay, Congressman William Lacy Clay III and Metro Director Larry Salci were among those gathered to announce their support for the initiative. Smart Commute recognizes the link between housing affordability and transit costs. For many households, transportation costs are the second largest budget expense after housing. Purchasing a home near public transit and using bus or rail service to travel to and from work each day is a convenient option for many Skinker-DeBaliviere residents. Transit commuting, at $50 for a monthly pass, can lead to a significant reduction in expenses over commuting by car, which can easily surpass $400 per month. Using public transit can reduce, or even eliminate, the expense of owning and maintaining a vehicle.
There are no income limits to the program, and buyers can qualify for up to $250/month additional mortgage payment. Smart Commute participants are not required to give up their car.
As an added benefit, participants will receive free Metro tickets for travel on all Metro routes in St. Louis City, St. Louis County and St. Clair County. Advantages of purchasing a home through Smart Commute include: • Required down payment of as little as $500 • Allows the use of a portion of the potential savings achieved by commuting to and from work to help purchase more house for every homebuying dollar • Can reduce or eliminate the expense and upkeep of a personal vehicle • Free Metro tickets • Benefits the environment by conserving natural resources and reducing the impact of vehicular emissions For more information on the program, contact participating Countrywide Home Loan lenders at 1-800- 877-5626 or 1st National Bank of St. Louis at 314-835-3700.
Originally published in The Times of Skinker-DeBaliviere, November–December 2004.
Read this article in the original newspaper issue.
Original source: SD_Times2004_11.pdf, printed page(s) 6; PDF page(s) 6.
