Great news! City of Philadelphia Announces Up To $10,000 for First-Time Homebuyers
The Division of Housing and Community Development (DHCD) expanded financial assistance for first-time homebuyers, who can apply for assistance up to $10,000. This program is called “Philly First Home”, which was designed to make homeownership more affordable.
According to Mayor Jim Kenney, “The Philly First Home program is one more tool in the City’s toolbox to help make home ownership a reality for our residents. I look forward to seeing this vital program grow and help even more Philadelphians own their own homes.”
The grant can be used towards a down payment and/or closing costs. It will provide the lesser of $10,000 or 6% of the purchase price. The amount of financial assistance will be recorded as a debt owed to the City and a lien on the property. The debt to the City will be forgiven after 15 years. However, the debt will become due and payable to the City during the first 15 years upon the following actions: 1) sale or lease of the home; and 2) refinancing of the first mortgage to take cash out of the property.
To be qualified, the applicant must:
· Be a first-time homebuyer or a buyer who has not owned a home for at least three years
· Be a resident of the City of Philadelphia for three years and must purchase a home in Philadelphia
· Have a household income at or below 120% Area Median Income (AMI)
· Complete housing counseling at a DHCD funded housing counseling agency
PCDC is the only U.S. Department of Housing and Urban Development (HUD) certified housing counseling agency that offers Chinese-speaking homebuyer education and housing counseling in pre-purchase, post-purchase and rental within Philadelphia. PCDC offers Homeownership Certificates for people who complete one (1) Homebuyer Education workshop and a one (1) 2- hour one-on-one counseling session. This certificate can be used to apply for a down payment and/or closing costs assistance programs from lenders. The certificate It will also be accepted and waived the 4 hours English homebuyer education workshop requirement by certain DHCD housing counseling agencies when applying for DHCD grants. This will waived the 4 hours English homebuyer education workshop requirement, so you do not need to take the workshop again.
PCDC provides Chinese a homebuyer education workshop every 3rd Thursday of the month. Get a headstart to homeownership, regardless of whether you are buying now or within a few years. More time can lead you to more favorable options and save more money when you decide to a become homeowner. The next PCDC Homebuyer Education is Thursday June 20 from 3 PM to 7 PM. Registration is required.
For more information about down payment/closing cost assistance grant and Housing Counseling program, you can contact Philadelphia Chinatown Development Corporation (PCDC) Program Manager Ping Lee 215-922-6156 or email@example.com.