Home Renovation Loan
Home Renovation Loan
Drexel will provide a forgivable loan to eligible faculty and professional staff members toward the approved renovation of a home with the following parameters:
- The property must not exceed a two-family dwelling, and includes condominiums. Multi-family dwellings may only be renovated with the intent and promise to convert into one or two family dwellings.
- The property must be located within the geographical boundaries outlined on the map: 31st to 42nd Streets and Chestnut Street to Mantua Avenue.
- The $5,000 forgivable loan must be used for approved façade renovations to the external structure only.
- Forgivable home renovation loans are limited to one loan per property during any three-year period and may not be combined with any other Drexel home ownership benefit.
- The property must be owner occupied and remain the employee's principal residence for at least two years. Should the property at any time during the two-year period cease to be owner occupied and the employee's principal residence, the employee agrees to pay the full $5,000 back to the University, unless the property is sold to Drexel University, in accordance with the Pre-Purchase and Post-Purchase certifications required as a condition of being eligible for the forgivable loan.
- Nothing in this guideline changes the at-will relationship between the parties.
Approved Home Renovations
- Approved renovations include any renovation that improves the external structure of the building façade.
- It is the responsibility of the owner to ensure that any renovation or changes to the façade is within the guidelines of the zoning regulations and relevant historic architecture guidelines.
Home Renovation Loan Application
To request a forgivable home renovation loan, the staff member must:
- Schedule an appointment with Courtney Price (firstname.lastname@example.org/215-895-1666) to discuss and confirm eligibility.
- Submit the following documents (prior to renovation):
- completed application
- detailed description of renovation(s) and expected contractor’s estimation or
- estimated materials cost if owner plans to complete renovations
- Provide a “Pre-Purchase Certification”: Certify, prior to settlement that the staff member owns and occupies the property as their principal residence.
- Forgivable home renovation loans will be made payable to the contractor or will be made on a reimbursement basis to the home owner after proof of renovation completion, provided the eligible staff member still meets all eligibility requirements on the closing date.
Home Renovation Loan Eligibility
In order to be eligible under these guidelines, the staff member must be a full- or part-time benefit eligible active employee of Drexel, on the date of the renovation of the property. Staff members on non-paid leave, regardless of the reason for the leave, are not eligible until they return to active paid.
All forgivable loans are subject to Philadelphia wage taxes and state and federal income taxes.