Philadelphia HomeBuyNow Program Featured on FYI Network’s “Tiny House Hunting”

Date: 
February 12, 2016

Philadelphia HomeBuyNow Program Featured on FYI Network’s “Tiny House Hunting”

 

A local artist and a Philadelphia housing incentives grant program will soon be in the national spotlight. Brand-new FYI Network series Tiny House Hunting will feature printmaker Caitlin Perkins on Saturday, February 13th at 9:30pm EST. The show follows realtors as they help potential buyers find the perfect mini-space to call home.

Perkins, now Director of Continuing Education at University of the Arts, is a HomeBuyNow Program grant recipient. She closed on her new home in South Philadelphia in 2015 while serving as Manager of Adult Programs for Fleisher Art Memorial, an employer involved in the HomeBuyNow initiative. HomeBuyNow provides incentives for organizations to award employees with grants or forgivable loans toward the purchase price of a home within the city.  The program is administered by the Community and Economic Development Department of the Urban Affairs Coalition and funded by the City of Philadelphia’s Department of Commerce. 

Fleisher Art Memorial, the oldest community art school in the country, “cares deeply about its faculty and staff, and through our language of art, we support South Philadelphia’s growth as a diverse and thriving community,” says Executive Director Elizabeth Grimaldi.  “We are thrilled to connect these two commitments in a meaningful way by participating in the HomeBuyNow program.  The matching grants will help us make housing more affordable for artists within South Philadelphia where their creative vitality will enliven the neighborhoods in which they live, teach, and create.”

Since 2004, the HomeBuyNow program has awarded 408 matching grants to employees of 53 participating employers to purchase homes in the City of Philadelphia. The $1.3 million awarded has leveraged $82 million in home sales by employees of participating organizations.  Almost a third of grant recipients report that they would not have been able to purchase a home without HomeBuyNow, and over half of the new homeowners are minority residents.  Resulting new property tax revenue for Philadelphia is projected to be greater than $892,000 annually, highlighting how effective this program has become for the city’s annual investment.

 “Over 90 percent of homes purchased with help from the Philadelphia HomeBuyNow program are still owned by grant recipients,” says Urban Affairs Coalition’s Director of Community and Economic Development Jojy Varghese.  “This clearly demonstrates that the program contributes to stability and a sense of community for Philadelphia’s many neighborhoods.  We look forward to extending the broad fiscal impact that HomeBuyNow provides for the city, and to encourage even more local employers to use this tool to as a feature to attract new employees.”

While Caitlin will be featured this coming weekend on FYI Network, Fleisher Art Memorial already employs another artist ready to become a new home owner in the spring by using the Home-Buy-Now program, showcasing just how impactful this collective partnership has become to the City of Philadelphia.

 

Click here to learn more about the HomeBuyNow Program.