PHOS Announces Program Boundaries Expansion |
|
September 16, 2014, Volume 61, No. 05 |
In its continuing commitment to engage locally and promote single family home ownership in West Philadelphia, Penn Home Ownership Services (PHOS) is pleased to announce a boundary expansion of its forgivable loan program. Effective September 2014, faculty and staff from the University of Pennsylvania and the University of Pennsylvania Health System (UPHS) and its affiliates have the opportunity to purchase or rehabilitate homes in an expanded area in West Philadelphia. The forgivable loan footprint has been extended westward from the east side of 52nd Street to the east side of 56th Street, from Market Street to Paschall Avenue. The program area also includes the residential housing across the street from South Bank. The border remains the same along the Schuylkill River while the northern boundary travels along Haverford Avenue, changing to Market at 44th Street.
This is the first time since 2004 these boundaries have been extended. Prior to this modification, the availability of these loans from PHOS was limited to the area that included Haverford Avenue, 52nd Street, Woodland Avenue and the Schuylkill River. The new borders present a wider range of residential housing options in the neighboring communities to qualified employees. The new boundaries are well aligned with several public schools, which receive a variety of support through Penn and the Netter Center for Community Partnerships. Additionally, most of the program’s footprint is in Penn’s Division of Public Safety patrol zone but certain portions are part of the Philadelphia Police Department’s 18th District.
Since 1998, ten million dollars in forgivable loans have been awarded to Penn and UPHS employees. The program offers eligible participants the opportunity to borrow up to $7,500 to use towards closing costs, down payments and home improvements, including energy audits or retrofit. Moreover, these loans can be used in conjunction with PHOS’s Closing Cost Reduction Program (CCRP) through one of PHOS’s lending partners, or with other external partners such as Philadelphia’s Home Buy Now.
PHOS representatives will be at its annual Housing Fair tomorrow, September 17 in the Hall of Flags, at Houston Hall from 11 a.m.-2 p.m. and will be available to answer questions from attendees. To learn more about the expansion of the loan program’s boundaries and to view an interactive map that depicts the service area of the PHOS programs, visit www.upenn.edu/homeownership or call (215) 898-7422.
|