Employer-Assisted Housing Program expands Employer Network to give Grants

Date: 
March 15, 2019

Contact:                                                                                                              

Jojy Varghese

Urban Affairs Coalition

215-851-1738

jvarghese@uac.org

FOR IMMEDIATE RELEASE:   March 18, 2019

 

Employer-Assisted Housing Program expands Employer Network to give Grants 

Urban Affairs Coalition’s signature Employer-Assisted Housing Program - Philadelphia Home.Buy.Now – joins with North Philadelphia employer FINANTA to give matching grant

 

PHILADELPHIA, PA -- On Thursday, January 10, 2019, the Community and Economic Development (CED) Department of the Urban Affairs Coalition (UAC) delivered their first matching grant with new employer FINANTA to employee Kassandra Colon for the purchase of her new home in North Philadelphia.

After the formation of a partnership between UAC and the City of Philadelphia, and being awarded a $100,000 PHARE Grant from the Pennsylvania Housing Finance Agency (PHFA), CED/UAC relaunched the Philadelphia Home.Buy.Now (PHBN) program in July 2018 after a two year hiatus. The PHARE funds are used to provide matching grants for employees within the Philadelphia Home.Buy.Now Employer Network to purchase homes in the city of Philadelphia. As a new employer, FINANTA is one of 28 employers currently within Philadelphia Home.Buy.Now’s employer network, providing a financial incentive of employee homeownership, which supports increased employee retention and the recruitment of staff.

“FINANTA is pleased to be a participating member of the Home.Buy.Now program through the Urban Affairs Coalition,” said Peder Wiegner, Vice President of Strategic Expansion at FINANTA. “This program allows FINANTA to extend additional benefits to its employees. Just this month a FINANTA employee received financial assistance to buy their first home. Funds came from FINANTA and were matched by the Home.Buy.Now program.”

Other employers included in the CED/UAC Philadelphia Home.Buy.Now network – including large organizations such as the University of Pennsylvania, as well as neighborhood employers like Tommy D’s Home Improvement in Philadelphia’s Nicetown neighborhood - can open the door to assist their employees in purchasing homes close to their work. Low- and moderate-income employees looking to purchase a home will receive financial assistance from their employer in the network – minimum of $500 as a grant or forgivable loan - which will make them eligible for a CED/UAC dollar-for-dollar matching grant up to $4,000 through PHBN - providing an employee more funds to bring to the closing table.

Kassandra Colon, Administrative Assistant at FINANTA, received $2,000 in grant funding through PHARE to match the $2,000 contribution FINANTA provides to any employee looking to purchase in North Philadelphia.

"I am very grateful that UAC and FINANTA came through for me with this support,” said Kassandra. “From the moment I met the UAC staff at their offices, I knew they cared about me and my son. My son was in the hospital that day, and they asked me about my son's health. I felt cared for at UAC. They even had an award ceremony for me. And I'm so grateful that FINANTA is a participant in the Home.Buy.Now program because it helped me so much."

 Since 2005, Philadelphia Home.Buy.Now has been pleased to provide 418 matching grants, totaling over $2M for purchase of homes in the City of Philadelphia. The Urban Affairs Coalition’s Department of Community and Economic Development is committed to helping Philadelphians achieve their dreams of homeownership. Employer-assisted housing programs have effectively demonstrated an increase in home purchase opportunities among low- and moderate-income individuals and families. 

 

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About FINANTA

FINANTA is a nonprofit lending institution facilitating access to capital and consultation services for entrepreneurs, consumers and first-time homebuyers in the Philadelphia region. FINANTA aims to promote the growth and economic expansion of diverse communities and commercial corridors through the infusion of capital and the provision of business, consumer and homebuyer consultation services and technical assistance, in a manner that is uniquely conscious of the cultural, social and language barriers that growing immigrant and minority populations face. FINANTA serves: Berks, Bucks, Chester, Delaware, Lancaster, Montgomery and Philadelphia Counties in Pennsylvania; Camden County in New Jersey; and the State of Delaware.

About the CED Committee

The Community and Economic Development Committee of the Urban Affairs Coalition is a 65 member working group that represents government, banks, non-profit organizations, and community development professionals.  These organizations work together to bring capital, financial education, and other resources to local communities to ensure the stability, growth, and vitality of the region.

About the Urban Affairs Coalition

The Urban Affairs Coalition unites government, business, neighborhoods, and individual initiative to improve the quality of life in the region, build wealth in urban communities, and solve emerging issues. Please visit www.uac.org for more information.