The City’s down payment assistance program, Philly First Home, has reopened, according to an announcement by the Division of Housing and Community Development (DHCD). The program provides up to $10,000 (or 6 percent of the purchase price, whichever is less) in assistance to first-time homebuyers or those who have not owned a home for at least three years. The assistance recipient also must:
– Purchase a home in Philadelphia
– Have a household income at or below 100 percent Area Median Income (AMI)
– Complete housing counseling at a DHCD funded housing counseling agency.
The Philly First Home program was designed to help make homeownership more accessible. The program funds can be used towards a down payment and/or closing costs.
The first iteration of the program launched in 2019 and was hugely successful. Over $24 million of assistance was provided to new homeowners until the program closed in September of 2020 after it ran out of the funds. The program provided 2,700 grants and the majority of participants were Black (58 percent). Some 26 percent (second largest group of participants) were Hispanic. Fifty percent of homes were purchased for under $175,000 and the average grant amount was $8,983.
More information about the program is available here.
Interested future homeowners can contact DHCD funded Housing Counseling agencies for help. To learn more, please go here.
From West Philly Local