Back in 2005, when the American economy was still bounding along at a relatively progressive clip, the city of Philadelphia introduced an economic development program for prospective homeowners known as
Home Buy Now.
The program, which offered some 211 working Philadelphians the chance to more easily become homeowners, was temporarily curtailed in 2009. But Home Buy Now is once again operational, thanks in large part to Mayor Michael Nutter, who reintroduced the program a little over a week ago during a press conference at Drexel University. Along with the
Urban Affairs Coalition, the city will be putting $735,000 toward the purchase of Philadelphia homes for some 240 fortunate locals.
Here's how the program works:
First, companies willing to offer their employees grants or forgivable loans meant to be put towards the purchase of a home must sign onto the Home Buy Now program. The city will then match those funds up to $4,000, assuming the employees in question are willing to buy in a specific, predetermined neighborhood. For those employees who would rather purchase homes outside of the program's predetermined neighborhoods, the city will offer $2,000 in matching funds.
Thus far, over a dozen different employees have joined the program, with
Drexel University and the
University of Pennsylvania being the two largest. As for the predetermined neighborhoods where the matching $4,000 funds will be offered, those will be located near to "major educational and medical anchor institutions" (such as Drexel and Penn), according to the Urban Affairs Coalition.
And according to Mayor Nutter, who explained the benefits of the program during the Drexel press conference, it was the simple desire to retain the city's best and brightest workers that fueled the return of the Home Buy Now program, along with a desire "to create more stable, flourishing neighborhoods," he said.
For more information about how your company can join the program, contact program manager
Christopher Waters at the Urban Affairs Coalition.
Writer: Dan Eldridge
Source: Robin Robinowitz, Urban Affairs Coalition
Do you know of a new building going up, a business expanding or being renovated, a park in the works or even a cool new house being built in the neighborhood? Please send your Development News tips here.