(Philadelphia, PA – June 21, 2021) – June is National Homeownership month. The Philadelphia Housing Authority (PHA) has assisted more than 500 residents become homeowners. This year, despite the pandemic, sales are strong. PHA’s Homeownership Opportunities Program is experiencing the highest number of sales in the last 10 years. By the end of the June, 40 PHA residents will have purchased homes.

Dwayne Fair recently bought the North Philadelphia home that his family had leased for nearly 52 years from the PHA. After Fair’s mom had become ill in 2012, she asked her children to buy the home for the family who had been living there since 1968. She has raised her eight children there and this home is woven into the family’s history. Fair promised his mother that he would he would find some way to buy the house.

“Mr. Fair embodies the definition of self-determination,” said Kelvin A. Jeremiah, President and CEO of the Philadelphia Housing Authority. “He and other families are learning important skills that will not only be applied to their new financial journey, but also will be passed onto their own personal family members and friends. In addition, our comprehensive homeownership program and partners help them to qualify for the best possible mortgage rates, and avoid some of the past pitfalls to homeownership.”

The Authority offers three paths to homeownership – one for public housing residents, one for Housing Choice Voucher residents and a third called Mobility Homeownership Program, which is open to any PHA resident.

Every new homeowner went through PHA’s homeownership readiness process, where they saved $2,000 through new budgeting skills, and completed credit counseling to obtain at least a 620 middle credit score. They also received one-on-one housing counseling and a pre-approval letter from a lender or bank. After completing the readiness process, the resident met with a PHA homeownership counselor to discuss their options with PHA.
Qualified residents also receive mortgage and down payment assistance through several programs, including the Mobility Homeownership Program, First Front Door Grant, PhillySEEDS (PHA’s nonprofit affiliate), Philly First Home, and lenders/banks such as PNC and Santander Bank.

20 families now home at non-profit’s latest affordable housing community.

(Philadelphia – June 8, 2021) – TOn Tuesday, June 8, Habitat for Humanity Philadelphia and the Philadelphia Housing Authority will celebrate the completion of Oxford Green, a 20-unit affordable home community in the Sharswood neighborhood of North Philadelphia. The homes were purchased by families who completed Habitat’s Homeownership Program.

“The homes at Oxford Green will provide a safe, warm, and dry place to live for years to come,” said Corinne O’Connell, Habitat for Humanity Philadelphia CEO. “We are proud to work alongside these homeowners who have faced countless challenges over the past year to make this day possible. We also know that we cannot do this work alone, and are fortunate to have partners like the Philadelphia Housing Authority, which shares our vision of a city where everyone has a decent place to live.”

Habitat broke ground on the homes in May 2019 and was forced to pause during the onset of the coronavirus pandemic in 2020. Now, these 20 homes stand as an example of what can be accomplished when organizations come together in pursuit of a shared goal.

Vouchers would go to homeless and other vulnerable populations

(Philadelphia – May 18, 2021) – Homeless families and those at risk of becoming homeless in Philadelphia will soon have an opportunity for permanent homes, thanks to an infusion of 863 Emergency Housing Vouchers to the Philadelphia Housing Authority (PHA) from the Department of Housing and Urban Development (HUD).

The vouchers, worth more than $10 million, come from the American Rescue Plan, the $1.9 trillion economic stimulus bill pass by Congress and signed into law by President Biden in March.

In addition to providing permanent homeless to individuals and families or those at risk of homelessness, the vouchers can be used for those fleeing domestic violence, dating violence, sexual assault, stalking or human trafficking.

“This funding will allow us to help so many more people in desperate situations,” said PHA President and CEO Kelvin A. Jeremiah. “We are grateful to our elected officials in Washington for understanding the circumstances that confront our society and meeting this critical housing need. I would like to thank HUD’s Secretary Marcia Fudge for moving swiftly to make these essential vouchers available, and for making affordable housing a federal priority.”

The emergency vouchers work the same as regular Housing Choice Vouchers. A recipient rents a house or apartment from a private landlord and pays 30 percent of their household income toward the rent. The voucher pays the rest.

The emergency housing voucher waiting list is separate from PHA’s regular Housing Choice Voucher waiting list, where because of the tremendous demand, families must often wait years to climb to the top of the list. The emergency vouchers are intended for people with urgent needs, ranging from disabled citizens to veterans to those escaping dangerous situations. Ultimately, this his allocation of vouchers will help Philadelphians find and remain in housing, at a time when the VOVID-19 pandemic has highlighted serious disparities in low-income communities.

“Frankly, we can never have enough homes for all low-income households in Philadelphia, so not everyone who applies and qualifies will receive a voucher,” Jeremiah noted. “Applicants should also know that although this will be a separate waiting list, the process for applying can still be long and complicated.”

(Philadelphia, PA – April 29, 2021) – Fitch Ratings has upgraded the Philadelphia Housing Authority’s financial outlook from stable to positive. The positive outlook reflects strong funding trends including 2021 federal Capital Fund appropriations.

But the report also serves as a barometer of PHA’s overall financial standing.

The annual rating is based on capital fund program revenue bonds issued to PHA and the Philadelphia Redevelopment Authority in 2002 and 2003 for construction projects. The bonds are rated AA-.

The Fitch analysis notes that, “PHA management adheres to federal requirements and discloses capital plans to HUD in a timely manner.” In addition, PHA’s ongoing program to build new public housing and rehabilitate older properties has offset the loss of other properties demolished or taken out of service, leading Fitch to report “no material loss of housing units.”

“We are pleased with the confidence this rating and outlook demonstrate in our financial stewardship of the agency,” said PHA President and CEO Kelvin A. Jeremiah. “We also are very encouraged by the proposals coming from the Biden administration to invest in infrastructure, including affordable housing expansion. We believe that, too, lends itself to PHA’s positive outlook.”

The Fitch report states that deep cuts to HUD programs were proposed by the previous administration but were not approved by Congress. The report says despite the new administration’s plans, “changes in grant formulas remain unseen.”

The bonds mature in December 2022, leading Fitch to conclude that even in the event of an unforeseen funding cut, PHA is in excellent financial condition to meet its remaining obligation.

“Timing, along with strong DSC (Debt Service Coverage) levels and PHA’s ability to withstand substantial erosion of future appropriation amounts while the bonds are outstanding insulate (the housing authority) from credit risks,” the report said.