Employee Home Purchase Assitance Program
The Drexel Employee Home Purchase Assistance Program encourages home ownership in the neighborhoods surrounding the University City Main Campus, offering employees a $15,000 forgivable loan towards the purchase of homes within a defined geography around the Drexel campus, and a $5,000 home improvement grant for renovations. Drexel’s contribution is matched by a grant of $4,000 from the City’s HomeBuyNow program. Since the program began in April 2011, 20 homes have been sold through Drexel’s Employee Home Purchase Assistance Program, for a total value of over $3,000,00. The range of homes purchased is between $57,000 and $325,000, with an average sales price of $176,243.
Drexel partners with nonprofit and for-profit developers for mixed income ownership and rehab options. The Home Purchase Assistance Program staff meets with private developers to encourage the renovation of vacant properties into single-family homes for purchase.