3-On Your Side: Home Buy Now Grants

PHILADELPHIA (CBS) — Good news to report today for some people in the market to buy a house. The City is re-launching a program designed to help working Philadelphians. 3 On Your Side Consumer Reporter Jim Donovan has the details.

The Philadelphia Home Buy Now program kicked off in 2005 and over a four year period helped 211 families purchase homes. It’s done by matching up grants from employers with those from the city. Now after a brief pause, the program is back up and running.

It was in front of a standing-room only crowd at drexel university that Mayor Nutter announced today the re-launch of Philadelphia Home Buy Now, a program in which businesses offer grants or forgivable loans so that employees may purchase homes within city limits.

Drexel University and Pennsylvania University are two of the largest employers participating in the program, which is being administered by the Urban Affairs Coalition. Sharmain Matlock-Turner, President and CEO of the Urban Affairs Coalition says, “They want you to be able to get to work close by, they really want to make sure employees feel as if this is their community and not just where they work.”

The city will offer matching grants of $4,000 when buyers purchase a home in targeted areas, or $2,000 grants for purchase elsewhere in the city.

Drexel employee, Kalatu Davies is getting $19,000 in combined assistance from Drexel and the city to help buy her first home in West Philadelphia much sooner than expected. She says,

Watch the video…

“If I didn’t get this, it would be two, three, years down the road definitely for sure and this just makes it possible now, and my personal savings can go towards home maintenance and to other expenses that will come down the road.”

The city is committing $735,000 to the program and it’s expected that will help put 240 families in new homes over the next two years. For more information, visit the link below:

Home Buy Now: http://www.gpuac.org/programs/CED_HomeBuyNow.htm

Reported by Jim Donovan, CBS 3

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Comments

One Comment

  1. Jeremy Gilbert says:

    Number of people are struggling to buy their first home and the government has taken a bold step to help these people. I assume that you’ll be aware of the several different grants available to you as a first time home buyer

  2. angl says:

    I love it when people take no time out to really understand a program, but are the first to hate on it. This is set up to help the city…do some research please. Thanks.

    1. MS says:

      Philadelphia Home•Buy•Now is a city-funded, employer-assisted housing program. Employer-assisted housing programs (such as Philadelphia Home•Buy•Now) are designed to:

      1) Enable employers to better recruit and retain employees by helping these employees become homeowners

      2) Give employers another tool with which to improve the communities surrounding their facilities

      3) Increase the demand for housing in the City of Philadelphia

      Philadelphia Home•Buy•Now is a city-funded, employer-assisted housing program. Employer-assisted housing programs (such as Philadelphia Home•Buy•Now) are designed to:

      1) Enable employers to better recruit and retain employees by helping these employees become homeowners

      2) Give employers another tool with which to improve the communities surrounding their facilities

      3) Increase the demand for housing in the City of Philadelphia

      The city should be looking at ways to save some money and not continue to give it out. Let’s put this money towards the drop program. Another great program. Or is that program going to help the city as-well? Philadelphia’s sending is way out of control and these little programs continue to add up fast. I really think that this is a good program but the city shouldn’t be handing out the money. Let the employers fund it fully. Let’s try and save some money so city government can continue to steal it on the way out. If you want to increase the demand for housing lower some taxes! Clean up the city streets, clean up city government, and clean house in the school board.

  3. MS says:

    This is a great program! I have to work 2 full time jobs to put food on my table and continue to pay my taxes that continue to go up. The city is in dire straits and yet they still give millions away! Unreal!

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