Mid-Atlantic Health Care Joins Home∙Buy∙Now
According to a new Stanford University Study, the portion of American families living in middle-income neighborhoods has declined significantly since the 1970s, resulting in rising income inequities. The Urban Affairs Coalition’s Philadelphia Home∙Buy∙Now program is seeking to help combat this issue by assisting employees purchase a home in the City of Philadelphia.
Mid-Atlantic Health Care, LLC, a company that provides traditional and specialized services to seniors with medical and memory issues, is the most recent company to join as a participating employer in the Philadelphia Home∙Buy∙Now program.
Philadelphia Home∙Buy∙Now is administered by the Urban Affairs Coalition, which also assists with the program’s design and ongoing management in partnership with the City of Philadelphia. Philadelphia Home Buy Now offers 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 matches this funding up to $4,000 per home buyer. Over the history of the program, more than 240 companies have participated.
According to Mayor Michael Nutter, “Philadelphia 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 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.
Mid-Atlantic Health Care joins a growing list of participating employers in the Philadelphia Home∙ Buy∙ Now program, that includes the Cancer Treatment Centers of America, Drexel University, Energy Coordinating Agency, Gypsy Lane Technologies, Horizon House, Martin Banks, NewCourtland, University of Pennsylvania and Urban Industry Initiative.
Philadelphia Home∙Buy∙Now is funded out of bond proceeds, and does not impact the City’s general fund.
For more information about Philadelphia Home Buy Now contact: Christopher Waters, Program Manager, 1207 Chestnut Street, Philadelphia, PA 19107. Email: email@example.com Phone: 215-851-1955 or go to http://www.uac.org/philadelphiahomebuynow