City boosting home-buying
It's providing $1.5M in aid
Despite tough economic times, buying a home in Philly may get a little easier than it has been.
Mayor Nutter today was to announce the expansion of Home-Buy-Now, a program that provides down-payment aid to hopeful homebuyers.
During a speech to the Greater Northeast Chamber of Commerce, Nutter was to detail plans to provide $1.5 million in matching city dollars to workers that get housing assistance from their employers.
Andrew Altman, deputy mayor for planning and development, said the effort would boost the city during a dark economic period.
"It's more important than ever in this economic climate," Altman said. "You read about the lack of confidence, people who are reluctant to buy."
Started in 2002, the program includes the city, the Greater Philadelphia Urban Affairs Coalition and NeighborhoodsNow, a nonprofit organization geared to improving low- and moderate-income communities. Since its inception, 189 people have received $690,000 in matching funds through the program.
Under Home-Buy-Now, the city will match employer contributions of up to $5,000 that can go toward a worker's down payment, closing costs, mortgage insurance or other housing expenses. Previously, the maximum provided by the city was $3,000.
The city also has recruited other support for homebuyers whose employers participate in Home-Buy-Now, including an agreement by a dozen real-estate developers to offer discounts of up to $7,500 for homes purchased through the program.
The city estimates that the money will help at least 300 people buy homes. Local employers who have already signed up include the University of Pennsylvania, PhillyCarShare and AgustaWestland, a helicopter design and manufacturing firm.
"We're really trying to put this on steroids a little bit," Altman said.
According to the city, Home-Buy-Now is funded through bond proceeds, not the city's general fund. *