Increased residential investment activity can rapidly transform neighborhoods and spur economic growth in communities. Knowing this, PHA through various partnerships, grants, and savings programs, assists potential home owners with opportunities to improve credit scores, housing counseling, and in obtaining mortgage products for future home purchases.
As a response to the elimination of several first time homebuyer grants for residents in the Philadelphia area, PhillySEEDS created the Homeownership Closing Cost Assistance program to help residents purchase their first home. This program offers a dollar-to-dollar match of residents’ savings to be applied toward their home’s closing costs. The maximum match amount is $2,000. The program requirements are:
- Be a PHA resident or HCV program participant
- Provide verification of $2,000 in savings (via bank statement)
- Provide a Housing Counseling certificate
- Provide a written request for the down payment assistance
- Provide a Settlement Notice
The Homeownership Closing Cost Assistance program will continue to support and empower PHA residents’ dreams of home ownership. When residents gain financial wealth and independence through real estate ownership and have the ability to pass that wealth down to their family members, we strengthen our entire community.
I received a flyer in the mail about an informational seminar in which I attended and heard about the PhillySEEDS program. I was already in the process of becoming a homeowner and this information came right on time. After applying, I met with staff there and was assigned to a worker. Ms. Cheryle Smalls was truly pleasant to work with and was genuinely invested in me becoming successful and meeting my goal. I received $2,000 in assistance towards the closing costs on my home. I am truly grateful to Ms. Smalls and the PhillySEEDS program for their tremendous help with me becoming a homeowner.