UAC To Host Information Session For Employers on Philadelphia Home•Buy•NowProgram

Date: 
July 25, 2011

Philadelphia Home•Buy•Now is an excellent tool for employers to recruit top talent and for the city to create more stable, flourishing neighborhoods,” Mayor Nutter.

The Urban Affairs Coalition is hosting an information session for Philadelphia employers to learn more about the City’s recently re-launched Philadelphia Home•Buy•Now program.

The Information Session will take place on Tuesday, August 9 at the United Way of Southeastern PA (1709 Ben Franklin Parkway), 10:00-11:00 a.m. To RSVP (companies only please), contact Christopher Waters, Program Manager, Urban Affairs Coalition at cwaters@uac.org or 215-851-1955.

Philadelphia Home•Buy•Now is a program that helps Philadelphia’s workforce become homeowners. The City will provide matching grants to employees when their employer offers grants or forgivable loans toward the purchase price of a new home within the city limits.  The City will match this funding up to $4,000 per home buyer.

To date, participating companies include Agusta Westland, Cancer Treatment Centers of America, Chick’s Café and Wine Bar, Diamond and Associates, Drexel University, Energy Coordinating Agency, Gypsy Lane Technologies, Horizon House, Martin Banks, NewCourtland, Nochumson PC, Re:Vision Architecture, Special People In Northeast, Inc., University of Pennsylvania, and Urban Industry Initiative.

“Philadelphia has a world class workforce.” said Mayor Nutter. “Home•Buy•Now is an excellent tool for employers to recruit top talent and for the city to create more stable, flourishing neighborhoods.” Philadelphia Home•Buy•Now is administered by a partnership with the Urban Affairs Coalition, which assists with the program’s design and ongoing management.

For participating employers, the program offers a powerful tool for building strong, successful companies.  Studies of similar programs have found that staff who receive housing benefits like Philadelphia Home•Buy•Now stay at their jobs 50 percent longer, saving their companies money in separation, recruitment and training costs. Staff who receive a housing benefit also score higher on performance reviews than their peers.

Philadelphia Home•Buy•Now is part of a larger strategy to stabilize neighborhoods in the face of the current economic crisis.  It builds on the City’s nationally recognized Mortgage Foreclosure Prevention Program, which has saved more than 3,500 homes, as well as the Neighborhood Stabilization Program (NSP), a federal stimulus program that strengthens neighborhoods by providing housing opportunities in targeted communities that were highly affected by high rates of foreclosure.

Philadelphia Home•Buy•Now is funded out of bond proceeds, and does not impact the City’s general fund.

The Urban Affairs Coalition (UAC) unites government, business, community, and individual initiatives to improve the quality of life in the region, build wealth in urban communities, and solve emerging issues. UAC provides back office and fiscal and shared services to more than 75 program partners.

For more information go to www.uac.org or contact Christopher Waters, program manager, Urban Affairs Coalition at cwaters@uac.org or 215-851-1955.

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