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Drexel Home Purchase Assistance Program

neighborhood

The Home Purchase Assistance Program encourages and supports home ownership within defined borders of the Drexel University City Campus community. The program offers a forgivable loan to benefit eligible full- and part-time Drexel University faculty and professional staff toward the purchase or renovation of homes within a defined area.

The defined boundary spans the area from 31st Street to 48th Street (east-west) and from Girard Avenue to Chestnut Street (north-south). The Philadelphia neighborhoods of Mantua, Powelton Village and West Powelton are located within this boundary area. A map of this boundary area is located below.

Loan Options

Eligible Drexel faculty and professional staff members may take advantage of one of the two loans provided by the University:

  • Home Purchase Loan – $15,000.00 forgivable loan to be used toward the purchase of a home within the program's defined boundary area. More information here.
  • Home Renovation Loan – $5,000.00 forgivable loan to be used towards approved renovations (interior and exterior) at a home within the program's defined boundary area. In addition to the $5,000 forgivable loan for home renovation, Drexel will match employees' dollar-for-dollar spending up to an additional $2,500. More information here.

Human Resources Assistance

Throughout the home buying process, HR will partner with each faculty and professional staff member to provide:

  • Access to Participating Vendors – Drexel works with various vendors including real estate agents and mortgage lenders. View the Participating Vendors page.
  • Step-by-step guidance throughout home buying process (from lender selection to settlement).
  • Option to hold settlement on campus.

Eligibility

Prior to initiating any contracts or commitments, the faculty or professional staff member must schedule an appointment with Courtney Claiborne at cnp45@drexel.edu or 215.895.1666 to discuss and confirm eligibility.

Please review the Frequently Asked Questions.