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The Philly home of your dreams could finally be within your reach if you qualify for a new program that provides counseling and cash assistance for potential home buyers.
Since buying is usually cheaper than renting in the long run, why aren?t there more home buyers? For those of modest means, the answer often is: Because the upfront costs are so steep.
A new program being launched tomorrow and Saturday in Philadephia will help buyers who qualify with one of the biggest upfront costs ? the down payment.
Called CityLIFT, the program is a partnership between the New Kensington Community Development Corporation, NeighborWorks America and Wells Fargo that provides both cash and assistance for low- to moderate-income buyers looking to purchase homes in the city of Philadelphia.
?Today, despite low home prices and historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment,? said Vince Liuzzi, Wells Fargo?s regional president for Greater Philadelphia/Delaware. ?The CityLIFT program will help address this issue for homebuyers in Philadelphia by providing down payment assistance.?
The program has two components: homebuyer education and down payment assistance. Eligible participants will attend homebuyer counseling and education sessions led by NKCDC staff and volunteers. Those who attend the sessions and qualify will be able to receive $15,000 in cash assistance towards the down payment on a home. The grants are forgiven in full if the buyer remains in the home for five years and repaid without interest on a pro-rated basis if the home is sold before that time.
CityLIFT is part of a nationwide effort co-sponsored by NeighborWorks America and Wells Fargo to stabilize and stimulate the housing markets in regions that have been hard hit by the housing market slump and the foreclosure crisis. According to data from RealtyTrac, Philadelphia ranks first in the state for foreclosure-related activity and is the Pennsylvania city most affected by the crisis.
The education component is key to the program?s success: Default rates for homeowners who go through homebuyer education and counseling are lower than for homeowners who did not participate in pre-purchase counseling and training.
?Wells Fargo and NeighborWorks America have put together a great team to help homebuyers who qualify achieve sustainable homeownership,? said Sandy Salzman, executive director of NKCDC. ?The staff and volunteers we?ve pulled together here at NKCDC are ready to work with everyone who comes out this weekend to take the next step toward homeownership in our city.?
According to NKCDC Community Relations Specialist Jamie Reese, all of the scheduled appointment slots at the two-day launch event have been filled, but there will be counselors available to see walk-up clients. As interest in the program is high, however, those who just show up at the Pennsylvania Convention Center should expect to wait for a counselor.
The launch event will take place from 10 a.m. to 7 p.m. tomorrow and Saturday, Sept. 21 and 22, at the Pennsylvania Convention Center, 12th and Arch streets. Those interested in the program can find out more at www.mycitylift.com.
-By Sandy Smith for PhiladelphiaRealEstate.com
Photo from city-data.com
Source: http://blog.philadelphiarealestate.com/new-grant-program-gives-philly-home-buyers-a-lift/
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