Section: Human Resources
Chapter: Benefits
Date Issued: 01/01/2003
Subject: Employer Assisted Housing Program

POLICY

In a multi-faceted effort to contribute to the revitalization efforts to enhance the immediate University neighborhood, Saint Louis University seeks to provide a housing benefit to its employees through an Employer Assisted Housing Program (further noted as the EAHP). The goal of the EAHP is to attempt to provide three benefits for University employees: (1) housing information and education on home ownership, (2) when available, preferred rates and reduced closing costs on mortgage and refinancing costs through designated partner institutions, and (3) contingent upon available funding, a forgivable loan program for eligible employees, applicable towards the purchase of a home located in the designated neighborhoods near campus. The forgivable loan program will be reviewed annually and will be subject to possible changes in funding availability and neighborhood boundaries.

SCOPE

This policy applies to all current, full-time faculty and staff members of Saint Louis University, as well as new full-time faculty and staff who have a signed letter of appointment. However, since staff are not under contract, new staff must have begun their full-time employment with the University in order to close on an EAHP forgivable loan. Properties eligible for the forgivable loan program must meet all of the following criteria:

On the north end of the Saint Louis University campus:
West of Jefferson Avenue, south of Natural Bridge and east of Vandeventer to Delmar. South of Delmar, east of Pendleton, north of Olive, east of Boyle, north of Laclede, west of Sarah, north of Lindell, west of Compton. From Compton north of Dr. Martin Luther King Drive to Jefferson.

On the south end of the Saint Louis University campus:
South of Chouteau, east of Compton, north of Lafayette, and west of California.

PROCEDURE

For the educational aspect of the EAHP, employees may simply register to attend the free counseling sessions when they are offered on campus, and additionally may use, at their leisure and for no charge, the housing information education available online through the Fannie Mae Home Buyer's Assistance (HBA) website. When available, in order to take advantage of the reduced rates on mortgage and refinancing costs through our partner institutions, the employee should contact the institution directly to avail him or herself of this benefit.

In order to use the forgivable loan program, the employee must complete the entire process. At any time, the employee may submit an EAHP Employee Eligibility Form for approval of full-time employment and program eligibility status to the Benefits Office. Upon approval of eligibility, the employee should seek to secure a signed Real Estate Contract on an eligible property within the University designated parameters and secure a signed commitment letter from an approved program lender. When all appropriate and necessary materials have been secured, the employee should schedule a pre-closing meeting with the Benefits Department in order to review all materials, and to secure and complete all remaining paperwork at least fourteen business days prior to the primary loan closing. Provided the employee meets the program qualifications and provided adequate University funding is available, the employee will be granted preliminary approval for an EAHP loan.

In addition to the precursory certification for the forgivable loan program, employees are subject to annual certification of continued employment with the University and continued primary residence in the eligible and designated property.

The forgiveness of the loan is given on the following schedule:

The employee must attain the milestone date as shown, before that portion of the loan is forgiven. As the loan is forgiven, employees will be responsible for any income taxes on that amount. The balance of the loan is due immediately for the reasons shown on the "Employer Assisted Housing Program Requirements" document.