Philly relaunches down payment assistance program for first-time home buyers

Philly relaunches down payment assistance program for first-time home buyers

May 2, 2022

The city’s down payment assistance program, Philly First Home, reopened today, according to an announcement from the Division of Housing and Community Development (DHCD). The program provides up to $10,000 (or 6% of the purchase price, whichever is less) in assistance to first-time homebuyers or those who have not owned a home for at least three years. The aid recipient must also:

– Buy a house in Philadelphia
– Have a household income equal to or less than 100% of the median income of the area (AMI)
– Accomplish housing advice in a housing advice agency financed by the DHCD.

The Philly First Home program was designed to help make home ownership more accessible. Program funds may be used for down payment and/or closing costs.

The first iteration of the program launched in 2019 and was a huge success. More than $24 million in assistance was provided to new owners until the program closed in September 2020 after funds ran out. The program provided 2,700 grants and the majority of participants were black (58%). About 26% (the second largest group of participants) were Hispanic. Fifty percent of homes were purchased for less than $175,000, and the average grant amount was $8,983.

More information about the program is available here.

Interested future homeowners can contact DHCD-funded housing advice agencies from today. To learn more, please go here.

About Matthew R. Dailey

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