Building wealth with homeownership
PHA plans to convert more of its scattered site rental properties into affordable homeownership opportunities.
Whenever possible, PHA looks to redevelop its scattered site properties into affordable homeownership opportunities. Since 2013, PHA and its Homeownership Opportunities Department has converted over 500 units to homeownership and will continue to do so through its Opening Doors Initiative.
One such program is PHA’s Scattered Site Homeownership Program. This program gives qualified renters the opportunity to buy the home in which they live in. With over 3,900 scattered site units in its portfolio, there are numerous opportunities for PHA to work with residents to help them buy their home and start building wealth.
PHA also offers closing cost assistance to eligible homebuyers. Offered in partnership with the nonprofit PhillySEEDS, the program provides a dollar-to-dollar match of residents’ savings, which can be used to help cover closing costs. The maximum match amount is $2,000 and is available to PHA residents and residents who have a Housing Choice Voucher. Working mother Akirah Pressley used this program and other housing supports to buy her first home.
Many of PHA’s scattered site units are old and in need of repair. To address this prior to conversion to homeownership, PHA has partnered with Philly Office Retail on Jumpstart, a program that provides training, mentoring, networking, and financial resources to aspiring developers.
Jumpstart introduces less-experienced people to the basics of real estate development. Upon graduation, participants are paired with a mentor who guides them through their first few development projects. Graduates can earn the opportunity to purchase PHA scattered site properties for $10 and then use a dedicated loan program to renovate the property. After the properties are rehabbed, they are sold to income-qualified homebuyers.
“We hope to use our Opening Doors Initiative and our existing homeownership programs to create more affordable housing opportunities for our residents,” said PHA President and CEO Kelvin A. Jeremiah.