PHILADELPHIA, PA— In a historic move on Thursday, March 13th, 2025, Philadelphia Mayor Cherelle Parker unveiled a groundbreaking $800 million housing plan, aimed at preserving or building 30,000 housing units across income levels. “I won’t play politics on this,” Parker said. From the City’s $6.7 billion 2026 spending plan, the mayor seeks to borrow $800 million in bonds to support the Philadelphia Housing Opportunities Made (H.O.M.E).
This move comes after Parker signed an executive order aimed at expanding residential development and dousing the City Of Philadelphia’s housing crisis. Director of Finance Rob Dubow, overseeing the City’s budgetary functions said the city would “likely” borrow the first $400 million by the 2025 fall season, and the remaining funds by November 2027.
Mayor Parker’s proposal comes amidst confusion and chaos after U.S. District Judge Loren L. Ali Khan blocked the Trump administration’s pause of federal payouts for grants and other programs. Some Philadelphians are skeptical of Parker’s proposal, others hopeful. “We plan on spending that money as quickly as possible,” said Parker. “I want shovels in the ground.”
What’s In It For Me?
If you missed out on buying a home during the buyer-friendly markets of the COVID-19 pandemic or the 2008 housing crisis, 2025-2027 may be an ideal time to enter the market. With a surge of 30,000 more units, Philadelphia’s housing market will likely transition from a seller’s market to a more balanced one. Here are the steps you can take to become a first-time homeowner, or the owner of your first, or another investment property:
1. Assess Your Financial Health
Review your finances by evaluating your income, savings, credit score, and debt. Improve your credit score to qualify for better loan terms. Government Sponsored Enterprises allow lenders to underwrite primary residence or investment property loans with maximum debt-to-income ratios ranging from 36% to 45%. See some loan terms from Fannie Mae here.
2. Start Looking
Stay informed about Philadelphia’s housing market trends. Identify specific neighborhoods, home types, or investment opportunities that suit your needs. Team up with a reputable real estate agent familiar with Philadelphia’s market to receive tailored and expert guidance.
3. Search For Grant And Assistance
Apply for housing programs announced by the City of Philadelphia, and 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.
“You must take the first step, even if it’s just a tiny one, to get started.” – Hill Harper, Author.
