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Commerce Department and UAC Relaunch the Philadelphia Home Buy Now Program

Submitted by Garrett ODwyer on Wed, 10/19/2011 - 17:08

Philadelphia Home Buy Now Relaunched

                With the help of Mayor Michael Nutter, the City of Philadelphia’s Commerce Department and the Urban Affairs Coalition’s Community and Economic Development Department officially relaunched the Philadelphia Home Buy Now program. The Philadelphia Home Buy Now program provides up to $4,000 in matching grants to employees of participating employers who provide either a forgivable loan or grant towards the purchase a house in the City of Philadelphia. The program is funded for two years and serves as an example of a partnership of public and private funds toward strengthening the city’s workforce and community.

                In the first two months since the program relaunched, Philadelphia Home Buy Now has generated over $2,000,000 in home sales in the City of Philadelphia. Seventeen Philadelphia employers have joined the program including the University of Pennsylvania, NewCourtland and Cancer Treatment Centers of America. Philadelphia Home Buy Now also offers home buying workshops and housing related discounts to employees of participating employers. For more information on about/joining Philadelphia Home Buy Now as a participating employer or participating service partner contact Christopher Waters, Program Manager at 215-851-1955 or cwaters@uac.org. Philadelphia Home Buy Now website: http://www.uac.org/philadelphiahomebuynow

PACDC Fact

  • PACDC’s activities have culminated in more than $140 million in new resources for affordable housing and neighborhood economic development efforts.

  • The Philadelphia Housing Trust Fund has raised more than $67 million in revenue since September 2005 to expand housing opportunities for Philadelphia families.

  • The CDC Tax Credit Program has fostered 30 partnerships between businesses and CDCs that is providing $30 million in new funding to support neighborhood economic development.

  • PACDC’s Member Services programming builds the capacity of CDCs through technical assistance and training, the sharing of ideas, best practices, and promotion of the local CDC industry.

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