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CITY OF PHILADELPHIAS EMPLOYER-ASSISTED HOUSING PROGRAM Slide 2 Philadelphia HomeBuyNow Overview Philadelphia HomeBuyNow assists Philadelphia employers recruit and retain valuable employees by helping these employees become homeowners. Through this program, employers can make financial contributions toward their employees down payment and closing costs Employees can also receive homebuyer training, counseling, home inspections and convenient access to home-improvement loan programs as a part of the benefits package. The employers contribution are matched by the City up to $5,000. Slide 3 Program Performance Snapshot 36 local employers participate in HomeBuyNow From 2004-Present: 220 grants totaling $724,888 have been distributed by the City of Philadelphia Employers have contributed $808,986 Slide 4 HomeBuyNow Participating Employers AgustaWestland Chicks Caf and Wine Bar Citizens Bank Cardone Industries eXude Benefits Group Fannie Mae Gypsy Lane Technology Law Office of Elaine Smith Mallard Mechanical Martin Banks Pond Lehocky & Wilson The Neat Co. Nochumson PC P. Agnes, Inc Re:Vision Architecture Seder Physical Therapy Tommy Ds Home Improvement Westin Hotel For Profit Employers (17) Slide 5 HomeBuyNow Participating Employers African American Chamber of Commerce Energy Coordinating Agency Episcopal Community Services Germantown Friends School Greater Philadelphia Urban Affairs Coalition Horizon House Keystone Mercy Health Plan NewCourtland Elder Services Peoples Emergency Center Philadelphia Workforce Development Corporation Philadelphia Housing Authority PhillyCarShare Saint Josephs University Special People in Northeast, Inc. Studio Incamminati Temple University University City District University of Pennsylvania University of the Sciences Nonprofit Employers (19) Slide 6 HomeBuyNow Performance Statistics Year# of Grants Avg. Grant Amount Avg. Household Income Avg. Cost of Home 2004-200522$2,841$54,480$177,239 200651$2,725$52,527$134,123 200740$3,081$63,630$163,829 200862$3,630$66,809$188,650 200945$3,891$75,114$212,564 Slide 7 Buyer Profile by Income Low- and Moderate- income individuals comprise a majority of the buyers in HomeBuyNow Slide 8 Income and Purchase Price Average Cost of Home by Income YearLow incomeModerate income Middle income High income 2004-2005$89,781$186,750$162,667$364,950 2006-2007$95,344$134,171$200,023$297,507 2008-2009$116,909$162,309$210,518$303,718 Slide 9 Contact Jim Flaherty Senior Manager, Economic Development Initiatives Commerce Department Phone: 215-683-2126 E-mail: jim.flaherty@phila.govjim.flaherty@phila.gov Dr. Lucy Kerman Vice President, Policy and Planning Greater Philadelphia Urban Affairs Coalition Phone: 215-851-1915 E-mail: lkerman@gpuac.orglkerman@gpuac.org