PHILADELPHIA, PA—”We need more Black-owned businesses, more Black-owned homes, and more Black-owned assets. Ownership is the key to unlocking our economic potential and securing our financial futures.”—Killer Mike, Rapper.
From the Mayor’s Office
Philadelphia Mayor Cherelle Parker is expected to announce details of her administration’s Housing Opportunities Made Easy (HOME) initiative to create and preserve 30,000 units of new and existing housing on Thursday, March 14th. Parker said the announcement would include news of a “significant financial investment.” A top real estate firm said Philadelphia’s housing market consists of 151 diverse neighborhoods and 22,145 homes for sale, with a median sold home price of $245,000, reflecting the city’s thriving property market.
“There is an abundance of new housing construction and the preservation of existing housing throughout our city,” said Parker. “Existing homes for sale have reverted to more normalized levels across several key Metropolitan Statistical Areas (MSAs), and new homes have become fairly plentiful,” said Michael Rehaut, Head of U.S. Homebuilding and Building Products Research at J.P. Morgan.
Undoubtedly, Parker’s HOME initiative will increase the housing supply. Still, these houses must be affordable to balance demand with the new supply and alleviate the strain on Philadelphia’s housing market.
The State, Private Sector, and The Feds
In February, Pennsylvania Governor Josh Shapiro presented his second budget address to the General Assembly, including an additional $10 million for the PHARE program, a new $50 million home repair fund, and a $10 million fund to assist first-time homebuyers. Recognizing the myriad barriers to homeownership, leading companies are also stepping up to the challenge, Wells Fargo Bank has revived its NeighborhoodLIFT program in Philadelphia with a $5 million donation to HomeFree-USA, aiming to support 260 low-income families as they purchase their first homes. In partnership with the City of Philadelphia, Wells Fargo’s NeighborhoodLIFT program will collaborate with the Affordable Housing Center of Pennsylvania and RiseUp to offer up to $15,000 in homebuyer assistance, as well as financial coaching and education.
First-time or investment homebuyers in Philadelphia still face rising interest rates, as the Federal Reserve has voted to leave the benchmark target range for the federal funds rate at 4.25% – 4.50%. While the Federal Open Market Committee (FOMC) reconvenes, on March 19th, 2025, mortgage interest rates today at leading banks like Wells Fargo include—single-family primary residence mortgages for 5.50% at a 15-Year Fixed Rate, and 6.75% at a 30-Year Fixed Rate.
Slicing The Pie
To apply for housing programs announced by the City of Philadelphia, explore the following options:
Philadelphia Housing Authority (PHA) Programs
Public Housing: Apply online through the PHA website.
Housing Choice Voucher Program: Contact the PHA’s Eligibility and Owner Services Department.
Other Affordable Housing Options
Philly First Home: Offers a homebuyer assistance grant of up to $10,000. Visit the PHDC website.
PA Housing Finance Agency: Provides financial assistance for affordable housing.
Visit their website or call 1-855-827-3466.
Turn the Key: A program offering affordable homes for first-time homebuyers. Visit the PHDC website.
Philadelphia Housing Counseling Agencies: Offers free housing counseling and education. Visit their website.
Save Your Home Philly Hotline: Assists homeowners facing mortgage delinquencies or foreclosure. Call 215-334-4663.
“Ownership is the key to wealth, and we need more Black ownership in this country.”—Robert F. Smith, Billionaire and CEO of Vista Equity Partners.
