This page is from an archive of Record articles from 1995-2003. For the most recent news, please visit news.wustl.edu
October 5, 2001
The Employer Assisted Housing Program established in 1997 has expanded to include University City.
Developed in partnership with Fannie Mae for University employees, the program provides second-mortgage loans to eligible employees who buy a one- to four-family home in the Forest Park Southeast or Skinker-DeBaliviere neighborhoods or University City.
The boundaries of the expanded Employer Assisted Housing Program include Page Boulevard to the north, Partridge Avenue to the west, Olive Boulevard to the south and University City's limits to the east.
"Washington University is excited about expanding our employer-assisted housing benefit to University City in a manner that will continue to help stabilize the northeast quadrant of the city," said Richard A. Roloff, executive vice chancellor. "Use of the benefit helps make home ownership a reality for a larger number of University employees."
Fannie Mae works to ensure mortgage money is available for people in communities throughout the country. The company has entered into contractual arrangements with the following lenders, who are prepared to make mortgage loans matching the program requirements: Bank of America, Commerce Mortgage Co., Firstar Mortgage Co., Gershman Investment Co., Prism Mortgage Co. and Wells Fargo Mortgage Co.
The loans will be for the lesser of $4,000 or 5 percent of the purchase price of the house and forgivable over five years if the employee complies with all program requirements, which include that the employee must reside in the house (with certain exceptions) and remain a University employee.
Fannie Mae has two programs available under the Employer Assisted Housing Program. The Magnet 3/2 program is designed to assist low- and moderate-income employees. Under this program, home buyers make a minimum down payment of at least 3 percent of the purchase price of the house. The loan from the University can provide 2 percent of the minimum down payment, and the balance can be used to pay part of the closing costs.
The second program, Magnet 5, provides for the home buyers to make a minimum down payment of at least 5 percent of the purchase price from their own funds. The loan from the University can be used to pay closing costs, to increase the down payment or to pay other costs related to the home purchase.
For more information on the Employer Assisted Housing Program, employees can call Brian Phillips of the Washington University Medical Center Redevelopment Corp. at 652-0895.