Increasing Opportunities for Homeownership and Housing
Penn Homeownership Services
Understanding that a diverse, safe, and thriving urban community includes opportunities for housing and homeownership, Penn Home Ownership Services has helped to foster the University's commitment to neighborhood development for over 50 years by offering incentives and support to faculty and staff to purchase and renovate homes in West Philadelphia..
Since 1998, there have been over 1,200 program participants and over 10 million dollars in forgivable loans awarded. Penn Home Ownership Services offers eligible employees the opportunity to apply for financing for home purchases as well as rehabilitation in the West Philadelphia area. The department also offers refinancing options with lending partners, home improvement grants, loans, educational workshops, and a variety of other resources.
Click here to learn more about Penn’s Homeownership Services:
http://cms.business-services.upenn.edu/homeownership.
Penn's Neighborhood Preservation and Development Fund (NPDF)
As University City increases in population of both homeowners and renters, there is a need for affordable rental apartments in West Philadelphia. With partners from the private real estate sector, Penn invested $4.5 million to acquire 20 aged and declining apartment buildings that total 448 apartment units including 580 bedrooms. Enhancing them with new facilities and improved property management, Penn maintains affordable rental units for both local residents and some students. As a result, these newly stabilized properties have set a new standard for other buildings, and their owners have helped lift entire blocks into vibrant areas.