ST. LOUIS — For nearly 25 years, BJC HealthCare and Washington University have tried to help people live where they work through their Live Near Your Work homeownership and neighborhood stabilization program.
The program is available to eligible workers and offers a limited number of $12,500 forgivable home loans to help people put a down payment on their home or pay for closing costs. The loan program started in 1997 but is growing this year.
"It is an amazing program," said Chelsea Clayton, a supervisor of the pulmonary rehabilitation department at Barnes-Jewish Hospital. "I have always wanted to own a home."
Clayton moved into her home five years ago when her son was just a toddler. Now, she said her son loves having extra room and being able to invite his friends over.
The program is getting an upgrade this year by adding 22 new zip codes to the program as well as giving $4,000 more per loan than in years past. The new neighborhoods include those that have faced historic disinvestment primarily in the city of St. Louis, north St. Louis County, as well as University City's Third Ward. These neighborhoods were selected to align with local and regional initiatives to advance racial equity and economic opportunity.
"It's life-changing," said Deidre Griffith, BJC vice president of community health improvement. "It might allow them the opportunity to purchase a home that they might not otherwise have had. You can put up to $12,500 towards your closing costs or your down payment. And as long as you stay in that home for at least five years, remain an eligible BJC or Wash U employee for five years as well, your loan will be forgiven."
For Clayton, it was a no-brainer. She is the first person in her immediate family to own a home, and that means she'll also be able to pass down wealth to her son. She said it's a great recruiting and retention tool for BJC, too. She said she is very happy with her work because she believes the company cares about her overall well-being.
"I would say, take it from me, It's not something where everybody can buy a home," Clayton said. "This program allows everyone to be able to buy a home. But if I can do it, everyone can do it."
BJC HealthCare and Washington University serve as the region's largest employers with more than 50,000 workers. The program has served 400 employees since its launch.
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