city of philadelphia’s employer-assisted housing program
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City of Philadelphia’s Employer-Assisted Housing Program. Philadelphia Home•Buy•Now Overview. Philadelphia Home•Buy•Now assists Philadelphia employers recruit and retain valuable employees by helping these employees become homeowners. - PowerPoint PPT PresentationTRANSCRIPT
CITY OF PHILADELPHIA’SEMPLOYER-ASSISTED HOUSING
PROGRAM
Philadelphia Home•Buy•Now Overview Philadelphia Home•Buy•Now assists
Philadelphia employers recruit and retain valuable employees by helping these employees become homeowners.
Through this program, employers can make financial contributions toward their employees’ down payment and closing costs
Employees can also receive homebuyer training, counseling, home inspections and convenient access to home-improvement loan programs as a part of the benefits package.
The employers’ contribution are matched by the City up to $5,000.
Program Performance Snapshot
36 local employers participate in Home•Buy•Now
From 2004-Present: 220 grants totaling $724,888
have been distributed by the City of Philadelphia
Employers have contributed $808,986
Home•Buy•Now Participating Employers
For Profit Employers (17)
Home•Buy•Now Participating Employers
Nonprofit Employers (19)
Home•Buy•Now Performance Statistics
Year # of Grants
Avg. Grant
Amount
Avg. Household
Income
Avg. Cost of Home
2004-2005
22 $2,841 $54,480 $177,239
2006 51 $2,725 $52,527 $134,123
2007 40 $3,081 $63,630 $163,829
2008 62 $3,630 $66,809 $188,650
2009 45 $3,891 $75,114 $212,564
Buyer Profile by Income
Low- and Moderate- income individuals comprise a majority of the buyers in Home•Buy•Now
Income and Purchase Price
Average Cost of Home by Income
Year Low income
Moderate income
Middle income
High income
2004-2005
$89,781 $186,750 $162,667
$364,950
2006-2007
$95,344 $134,171 $200,023
$297,507
2008-2009
$116,909
$162,309 $210,518
$303,718
Contact
Jim FlahertySenior Manager, Economic Development InitiativesCommerce DepartmentPhone: 215-683-2126E-mail: [email protected]
Dr. Lucy KermanVice President, Policy and PlanningGreater Philadelphia Urban Affairs CoalitionPhone: 215-851-1915E-mail: [email protected]