The Live Near Your Work Program is available to all benefits-eligible employees of the organizations and offers a limited number of $12,500 forgivable home loans. Employees can apply for a loan to be used toward a down payment or closing costs. The loan will be forgiven after five years as long as the employee continues to live in the home and maintains a benefits-eligible position within the organizations, according to a Nov. 8 news release sent to Becker’s.
The program was launched in 1997. Over the years, it has expanded to include more neighborhoods in the St. Louis region, which were selected based on “local and regional initiatives to advance racial equity and economic opportunity.”
BJC HealthCare and Washington University are the region’s largest employers, with a combined workforce of more than 52,000 people. Each institution has committed $300,000 per year to the program.
Read more about the program here.
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