City officials plan to start the app in early June, and people can find out more about their eligibility here.
This program is an expansion of an existing one which gives a $1,000 grant for wineries, Philly.com wrote.
For Philadelphia residents Entirely
A city program intends to help some residents place a deposit on their first home in an effort to combat the rising cost of housing in Philly.
Councilmember Cherelle Parker praised the program and the city, saying that achieving homeownership, which she predicted a bit of this”American Dream,” is out of their reach many Philadelphians.
“I applaud Mayor Kenney, Council President Clarke and all of my council colleagues for realizing the importance of incentivizing homeownership, that will finally help stabilize and preserve our neighborhoods for several years to come.”
The Philly First Home Program, declared by city officials and members of the Department of Housing and Community Development (DHCD) Thursday afternoon provides either $10,000 or half of a home’s purchase price–whichever is more affordable –to first-time house buyers, provided they fulfill a number of prerequisites.
The program comes in reaction to rising housing costs from Philly, which have disproportionately affected lower and middle citizens, based on a post from PlanPhilly last month. Part of this is a result of the influx of wealthier residents moving to the city over the past ten decades. Presently, the average house cost in Philly stands at $200,000, with an average family income of $40,000, making Philly that the nation’s 59th most expensive city to purchase a house, according to a current study.
The cash is a lien, meaning unless the resident stays in the house for 15 decades, at which stage that the debt is forgiven if the house is sold, it needs to be paid, ” the statement said.
Eligible recipients must have lived in Philly for three or more decades, have a family income at or below 120 percent of the Area Median Income (AMI), and complete housing counselling with the DHCD, according to a statement from the city. Residents who haven’t owned a house for three or more years are eligible.