Nutter relaunches home buying-assist program for working residents

July 18, 2011

First came PhillyStat, now the Home•Buy•Now program.

Mayor Michael Nutter Monday announced the return of Philadelphia Home•Buy•Now, an initiative meant to assist working Philadelphians in the home-buying process by providing incentives for employers who offer loans or grants to employees buying homes.

Participants like Drexel University and the University of Pennsylvania will assist their employees with funding, and the city will provide up to $4,000 per home buyer through its partnership with the Urban Affairs Coalition.

Over the next couple years, the program is expected to help 240 home buyers and leverage $29 million in home sales by providing a total of $735,000.

Shannon McDonald