Home•Buy•Now helps employers boost communities, businesses
Submitted by: Robin Robinowitz, GPUAC
With housing prices slipping, now there’s a way to buy a reasonably priced home with little money. With an investment of $5,000 by your employer, you can get the equivalent of $18,500 toward the purchase of your home.
Philadelphia Home•Buy•Now, a partnership between the City of Philadelphia, the Greater Philadelphia Urban Affairs Coalition, area lenders and employers, is a housing incentive program that helps employers attract and retain talented employees. Home•Buy•Now provides up to $18,500 to employees who wish to purchase homes in the city.
"Philadelphia Home•Buy•Now is a perfect policy tool for the tough economy, because with a relatively small investment of public dollars you can see so many benefits,” said Mayor Michael A. Nutter. “Hundreds of Philadelphians get help buying homes, which gives our battered housing market a shot in the arm. And at the same time, local businesses get a powerful, affordable tool to recruit and retain a world class workforce."
Any Philadelphia employer can participate in Home•Buy•Now – for-profit or non-profit, large or small. The program offers flexible options to employers to customize the program in the most cost-effective way. Home•Buy•Now also allows employers to define eligibility to surrounding neighborhoods to revitalize their communities. Employers contribute up to $5,000, and the City of Philadelpia matches that amount dollar-for-dollar, doubling the employer contribution.
New this year, twenty local real-estate developers provide discounts of up to $7,500 as incentives to buy homes in their developments. In addition, participating banks and lenders offer breaks on fees and services charges, adding up to $1,000 to the total benefit.
Thirty-five employers are currently enrolled in the program, which began in 2004. For employees who already own a home, Home•Buy•Now can assist them with accessing the low-interest, home improvement PHIL-Plus and Mini-PHIL loans (www.ForMyPhillyHome.org). Employers can also host on-site workships about buying a home, the importance of home inspection and home maintenance.
NewCourtland Elder Services is one of the most active Home•Buy•Now participants. According to Dolly Rivera, Network Human Resources Manager, over 33 employees have benefitted from the Home•Buy•Now program.
One of those employees is Project Manager Alisa Joe, who bought a home in West Mount Airy. Joe received $3,000 from NewCourtland and an additional $3,000 from the city, which enabled her to have enough money for her down payment and closing costs. “My overall experience was wonderful because NewCourtland gave me a packet of information that laid out the program, all the information I needed to submit to NewCourtland and GPUAC. I just went down the checklist.”
Employers seeking more information should visit the website www.phila.gov/homebuynow or contact Jim Flaherty at Jim.Flaherty@phila.gov or 215-683-2126.
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