Tuesday, February 17, 2009

Home Buy Now

Philadelphia recently retooled its employer-assisted housing program, "Home Buy Now." It will be interesting to see whether this program can have a significant impact to warrant its $1.5 million in public dollars (administered through the Commerce Department).

The idea is that participating employers contribute $5,000 toward the cost of employees' home purchases, with the City matching the employer's contribution, and the developer providing a larger contribution to create a total benefit of an estimated $17,500 toward the house cost. The house must be in Philadelphia to utilize the full savings.

Naturally the real-estate community is on-board, and the City believes that this program could increase the City's population and tax base. The program is based on a similar effort in Chicago. Check out the coverage of this program in the Business Journal.

1 comment:

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