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: jim.flaherty@phila.gov

Dr. Lucy KermanVice President, Policy and PlanningGreater Philadelphia Urban Affairs CoalitionPhone: 215-851-1915E-mail: lkerman@gpuac.org