Jim Flaherty BWH Boston 2011

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Jim Flaherty BWH Boston 2011

  1. 1. Jim Flaherty (215) 683-2126 [email_address]
  2. 2. Philadelphia Home • Buy • Now <ul><li>Philadelphia • Home • Buy Now is a matching grant from the City of Philadelphia of up to $4,000. This is an unrestricted, dollar-for-dollar match for grants or forgivable loans made by the participating employers to their employees for home purchases in the City of Philadelphia. </li></ul><ul><li>$735,000 is budgeted for 2011-2013. It is anticipated that this will assist in the purchase of 240 houses and leverage approximately $24 million in mortgage financing. </li></ul>
  3. 3. What is the program? <ul><li>Home • Buy • Now is a program designed to assist Philadelphia employers to recruit, retain, and reward valuable employees by providing them with housing benefits which help them become homeowners. </li></ul><ul><li>There are no income limits on who can participate and no geographic location for their housing choice. However, homebuyers within designated target areas can receive up to $4,000 while all others can receive up to $2,000. </li></ul>
  4. 4. Housing Benefit Options <ul><li>Financial assistance for purchasing a home can be allocated towards the following: </li></ul><ul><ul><li>closing costs </li></ul></ul><ul><ul><li>down payment </li></ul></ul><ul><ul><li>prepaid interest or “points” </li></ul></ul><ul><ul><li>mortgage insurance </li></ul></ul>
  5. 5. Home • Buy • Now November 2004-September 2009 $74,000 Median Household Income $134,000 Median Cost of House 211 Number of Houses Purchased 43 Number of Participating Employers
  6. 6. Employer-Assisted Housing Websites <ul><li>Field Guide to Employer-Assisted Housing </li></ul><ul><li>http://www.realtor.org/library/library/fg331 </li></ul><ul><ul><li>Employer-Assisted Housing Basics </li></ul></ul><ul><ul><li>Employer-Assisted Housing Plans Across the Country </li></ul></ul><ul><ul><li>Websites </li></ul></ul><ul><li>Employer-Assisted Housing Websites </li></ul><ul><li>http://www.realtor.org/government_affairs/housing_opportunity/programs/home_from_work/home_from_work </li></ul><ul><ul><li>Employer-Assisted Housing Class ( National Association of REALTORS® Government Affairs , n.d.). &quot;NAR's Employer-Assisted Housing class focuses on how to work with local employers to discuss employer-assisted housing, EAH's benefits and three options (homebuyer and homeownership workshops, one-on-one counseling and financial assistance) employers can implement to help their employees become homeowners or afford a home close to work.&quot; </li></ul></ul>

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