CITY OF PHILADELPHIA’S EMPLOYER-ASSISTED HOUSING PROGRAM

Philadelphia HomeBuyNow Overview  Philadelphia HomeBuyNow 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 HomeBuyNow  From 2004-Present:  220 grants totaling $724,888 have been distributed by the City of Philadelphia  Employers have contributed $808,986

HomeBuyNow Participating Employers  AgustaWestland  Chick’s Café and Wine Bar  Citizens Bank  Cardone Industries  eXude Benefits Group  Fannie Mae  Gypsy Lane Technology  Law Office of Elaine Smith  Mallard Mechanical  Martin Banks Pond Lehocky & Wilson  The Neat Co.  Nochumson PC  P. Agnes, Inc  Re:Vision Architecture  Seder Physical Therapy  Tommy D’s Home Improvement  Westin Hotel For Profit Employers (17)

HomeBuyNow Participating Employers  African American Chamber of Commerce  Energy Coordinating Agency  Episcopal Community Services  Germantown Friends School  Greater Philadelphia Urban Affairs Coalition  Horizon House  Keystone Mercy Health Plan  NewCourtland Elder Services  People’s Emergency Center  Philadelphia Workforce Development Corporation  Philadelphia Housing Authority  PhillyCarShare  Saint Joseph’s University  Special People in Northeast, Inc.  Studio Incamminati  Temple University  University City District  University of Pennsylvania  University of the Sciences Nonprofit Employers (19)

HomeBuyNow Performance Statistics Year# of Grants Avg. Grant Amount Avg. Household Income Avg. Cost of Home $2,841$54,480$177, $2,725$52,527$134, $3,081$63,630$163, $3,630$66,809$188, $3,891$75,114$212,564

Buyer Profile by Income Low- and Moderate- income individuals comprise a majority of the buyers in HomeBuyNow

Income and Purchase Price Average Cost of Home by Income YearLow incomeModerate income Middle income High income $89,781$186,750$162,667$364, $95,344$134,171$200,023$297, $116,909$162,309$210,518$303,718

Contact  Jim Flaherty Senior Manager, Economic Development Initiatives Commerce Department Phone:  Dr. Lucy Kerman Vice President, Policy and Planning Greater Philadelphia Urban Affairs Coalition Phone: