In an effort to raised help workers and spur funding in traditionally disinvested neighborhoods in St. Louis and St. Louis County, BJC HealthCare and Washington University in St. Louis expanded their Live Near Your Work homeownership and neighborhood stabilization program.
The Live Near Your Work program is available to all benefits-eligible Washington University and BJC workers systemwide. The program gives a restricted variety of $12,500 forgivable home loans — a rise of $4,000 because the program started in 1997.
The program additionally has tremendously expanded to incorporate extra neighborhoods which have confronted historic disinvestment, primarily in St. Louis metropolis and north St. Louis County in addition to University City’s Third Ward. These neighborhoods had been chosen to align with native and regional initiatives, working to advance racial fairness and financial alternative.
“The Live Near Your Work program was designed to ease the financial burden of buying a home for BJC and Washington University employees, while helping to improve the economic health of our region,” mentioned Deidre Griffith, BJC vp of community health improvement. “The expanded regions in St. Louis city and north St. Louis County have been significantly impacted by systemic racial and spatial inequities. By including these communities, we are working to create positive outcomes through equitable investment and economic development.”
Qualifying workers can apply for a forgivable mortgage for use towards a down fee or closing prices. After 5 years, the mortgage is forgiven so long as the worker continues to reside within the home and maintain a benefits-eligible position at BJC or Washington University.
Lisa Weingarth, senior advisor for St. Louis initiatives at Washington University, mentioned Live Near Your Work is an instance of each establishments’ ongoing efforts to make St. Louis more healthy and extra affluent for all.
“As the region’s two largest employers, we at BJC and Washington University take seriously our obligation to the region,” Weingarth mentioned. “We do that by delivering excellent patient care to the region, supporting local businesses and by expanding economic and educational opportunities for our combined workforce of more than 52,000 employees.”
Since Live Near Your Work’s launch 26 years in the past, BJC and Washington University have constantly elevated this system’s annual price range, eligible neighborhoods and measurement of forgivable loans. Today, each establishments have dedicated $300,000 per yr every for this system.
Anne Peterson, a business analyst for University Advancement, is likely one of the greater than 400 workers who’ve leveraged this system to finance a home. In 2019, she purchased an deserted home in St. Louis’ West End neighborhood close to the Delmar MetroLink station. The property had been ravaged by {an electrical} hearth and was affected by old tires and trash.
“There were a lot of reasons to run screaming from the house,” Peterson mentioned. “The Live Near Your Work program allowed us to design the home we wanted. The program was easy to access and the support we received was terrific.”
