City trying to help would be homeowners
Friday, March 6th, 2009
By: Tom MacDonald
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Philadelphia is expanding a program seeking to help workers employed in the city buy homes. WHYY's Tom MacDonald reports those who work for qualifying companies could get city money to transition from renters to homeowners.
Transcript:
Mayor Nutter says workers at nearly three dozen businesses in the city qualify for the home ownership plan, which provides a subsidy of up to roughly $18,000 if people buy a home within the city limits.
Nutter: "It builds a greater sense of community when you live near where you work or in the same general neighborhood that helps to stabilize communities it obviously demonstrates a true commitment from the employer to the employee, as we all well know, a happy employee is a productive employee."
Program funds come from what's left of the city's Neighborhood Transformation Initiative, an effort by Former Mayor John Street to clear abandoned lots. Agusta Helicopter and Cardone Auto Parts are the two newest companies to participate in the program.
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