Early last month, one of the loans I closed had two interesting variables:
- The client had contacted me via this site over a year ago, starting his plan to buy a home.
- I was introduced to a program that I wasn't astutely familiar with, The Philadelphia Home-Buy-Now Program.
After learning a bit more about it, I thought it was a pretty good idea. While I didn't know all the facts, some of the philosophies behind this program made perfect sense to me. The standpoint they come from is one that employees who are homeowners in the city where they work are more productive and are more akin to staying at their jobs for a longer term. They commute less, spend more time with their families, and even pollute less (I guess it must be that driving thing). All those points are laid out in some of the information I was perusing about The Philadelphia Home-Buy-Now Program.
Here's a brief breakdown of how it all works:
Step Numero Uno: A group of folks from the Program work with the employer and eventually the employees to create a customized program to suit everyone's needs. The Programs can be tailored for specific neighborhoods, to attract employees in specific professions, and to help match up the best and brightest employees and employers to help enhance the overall health of the community.
Step Two: When an employee of a company who is a part of the Philadelphia Home-Buy-Now Program sets out to buy a home, that person will be able to count on full support from the staff working with this public/private matching funds program. The employer can contribute as much as they'd like to their employee's purchase, and then the City of Brotherly Love will match the contribution up to $5,000.00! In certain cases, private developers will then provide additional matching funds up to $7500.00!! Those particular cases are dependent on the purchase of homes in select developments.
Step Three: That's pretty much it. With an employer's investment of just $5000.00, that may turn into a piece of change equaling $17,500 as an investment that will pay returns to the company, the employee, and of course, the very community of Philadelphia.
There are no income eligibility limits to obtain City matching funds.
Here's a brief list of Philadelphia employers already on board:
Citizens Bank ~ Temple University
Episcopal Community Services ~ Fannie Mae
Germantown Friends School ~ Keystone Mercy Health Plan
NewCourtland Elder Services ~ Saint Joseph's University
University of the Sciences ~ University of Pennsylvania
Some of the areas where homes have been purchased through this program since its implementation in the Fall of 2004 are Chestnut Hill, Fern Rock, Germantown, North Philadelphia, Oak Lane East, West Mount Airy, and West Coast Lane.
So any potential Homebuyers, Sellers, Realtors, & Employers in the Philadelphia area may want to check this thing out. Being on the lending side of the transaction that closed last month with this program, I can tell you that the process was pretty streamlined.
For More Information, Visit www.empowermentzone.org/hbn or contact Jim Flaherty at jim.flaherty@phila.gov
Jason Sardi
Mortgage Consultant
610-653-0317
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