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At the Philadelphia Housing Authority (PHA) we think one of the best ways to revitalize neighborhoods is to increase the number of homeowners. We proudly support residents’ transition to independence with the 5H, Housing Choice and Turnkey III homeownership programs. Read on and see whether one of the programs sounds right for you.
Section 5 (H) Homeownership Program
The Section 5 (h) homeownership program offers PHA residents who live in scattered sites properties the opportunity to purchase the home they currently occupy.
The 5 (h) program is intended to provide affordable homeownership opportunities to public housing residents. In accordance with federal guidelines, sale prices for each unit will equal the appraised value for that unit based on affordability to the individual purchaser.
Eligible Purchasers
- A current PHA scattered site resident.
- A head of household or an adult over 18 years of age who has been in continuous occupancy for a minimum of one year.
- Current with rent, utility (if applicable) and any other required payments.
- In good standing with lease compliance and lease terms for a continuous period of 12 months immediately preceding the application.
- Able to demonstrate a minimum household, stable income of $10,000 annually and the ability to obtain a mortgage.
- Willing to participate in a pre-and post-purchase counseling program.
- Must be a first time homebuyer.
Housing Choice Homeownership Program
Individuals and families may use Housing Choice vouchers for homeownership under certain conditions.
The use of vouchers for homeownership will give many low-income individuals and families the opportunity to purchase their own homes.
Participants of the Housing Choice program may have their mortgage payments subsidized for a maximum term of 15 years on a mortgage loan of 20 years or more. Mortgage loans less than 20 years may be subsidized for maximum term of 10 years. The final rule provides that the maximum term limits for minimum income and employment does not apply to elderly or disabled families.
Eligible Purchasers
- First-time homeowner
- Families that own or are acquiring shares in a cooperative
- Families that are entering into a lease-to-purchase option and will remain under the rental subsidy program
- Families that meet minimum income requirements ($10,300)
- Families must meet employment requirement of one year on the job
Turnkey III Homeownership Program
The Turnkey III program consists of two sites. One is Whitman Park Plaza, located in the vicinity of Front and Oregon Streets in South Philadelphia. This development site consists of 120, three-bedroom town homes. Sales price is set at $47,000.
The second site is Brown Street Village, located in the Art Museum area at 20th and Brown Streets. This development consists of 87, three and four bedroom town-homes. Sales price is set at $27,000 and $28,500.
The concept of the Turnkey III program is to give families the opportunity to buy their home after a two-year occupancy agreement.
Eligible Purchasers:
- Program participants must occupy the unit as a family and must meet all program requirements.
- Must be a first time homebuyer.
- Participants must meet the minimum requirements for each development site.
- Household income may not exceed HUD’s Section 8 income guidelines based on family size.
IF YOU THINK ONE OF THESE PROGRAMS IS RIGHT FOR YOU, CALL FOR MORE INFORMATION (215) 684-8015 OR (215) 684-8018. ASK FOR THE HOMOWNERSHIP DIVISON.
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