What is turn the key?The Turn the Key program creates workforce homes that are affordable for the average Philadelphia resident. This initiative is mindful of the negative impacts of displacement and chooses to build newly constructed homes on public land owned by the Philadelphia Land Bank. Check out the Turn the Key Neighborhood Map for current available developments. Turn the Key creates affordable housing by providing a $75,000 loan that is forgiven after 15 years, because it is forgiven it is considered a grant. Deed restrictions are lifted after 20 years. The program also allows for layering, or combining, of grants. Most approved applicants will also be eligible for Philly First, a $10,000 grant. Both grants are managed by the Philadelphia Housing Development Corporation (PHDC). they allow private bank grants to also be in combination with both grants. These newly constructed homes have a 10-year tax abatement. This means that for the first year, homeowners only pay property taxes on the land and not the home and taxes gradually increase to the regular rate. This is a huge savings opportunity for first time homeowners! Mayor Parker remarked, "I said I wanted affordable luxury... this is what the term means... it represents quality, and with that quality is hope and dignity and pride, and it gives people the desire to work hard to take advantage of this opportunity.”
Ms. Hinton, the 100th Turn the Key homeowner, went to closing with $0 from her own bank account because of the down payment assistance she earned. In recounting her home buying journey, Ms. Hinton stated “It’s not that I couldn’t afford a house. I couldn’t afford the down payment, therein lies the problem. That was a barrier for me in purchasing.” Ms. Hinton learned about the program from a news article and reached out to her representative who connected her with the program. She states “I completed the housing counseling. I made sure to go out to the open houses, made sure to stay in contact with Civetta properties, and here we are today… I’m a homeowner!” How to access turn the key
Program income guideline, you can still participate in our free First Time Homebuyer Program and may qualify for different down payment assistance programs. Where to StarTRegister for a First Time Homebuyer Workshop. They are free! The only cost associated with our program is for the Credit Report, which is required for one-on-one counseling. If you’d like to learn more about down payment assistance programs, check out our blog post about it! Author - Naara SilvaNaara serves at AHCOPA as a second year AmeriCorps VISTA through Housing Action Corps Categories All
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