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Drexel Homeownership Program Celebrates 20th Closing

May 29, 2013

homeownership 20th closing

The Employee Home Purchase Assistance program has enjoyed tremendous success since its launch in 2011. After just two years, the program last week celebrated its 20th closing when Drexel employee and new homeowner Andrew Eisenhart signed off on the official final documents.

Those who buy a home through the program are eligible for a $15,000 contribution from Drexel and a $4,000 matching grant from the city toward a home located within the boundaries set by the program. But it wasn’t the loans that attracted Eisenhart to the program, he said. Last spring, Eisenhart, who has worked at Drexel for the last year and a half in the Department of Enrollment Management, read an article in Philadelphia Magazine that touted University City as an up-and-coming neighborhood to watch.

I had been thinking about moving to South Philadelphia or Fishtown but then I read that article about University City being one of the neighborhoods that would be worthwhile to invest in,” Eisenhart said. “And after attending meetings about Drexel’s five-year strategic plan, it was clear the University was expanding and I knew buying a home [in University City] would be a sound investment.”

Eisenhart met with the program’s director, Althea Wallace, about one year ago but, because of an intense travel schedule in his role as associate director of international undergraduate admissions, the process took longer than expected, he said. Eisenhart started to look at properties this past February and after six or seven viewings, finally found a move-in-ready home in the Spruce Hill section.

“One requirement I had was that it needed to be finished,” Eisenhart said. “Many of the homes for sale in the area are fixer-uppers and it’s not that I didn’t want to do that it’s just that I don’t have the time.”

Eisenhart officially moved in about a week ago and knows it will take a little time for the house to feel like a home. But now that the process is over, relief is already setting in, he said.

“Buying a home is completely nerve-wracking and I’m definitely relieved that it’s over. But I know I made a good investment and I’m happy with where I’m at. I never really spent that much time in West Philly and just taking a walk around the neighborhood, I’m really pleasantly surprised. “

“Working with Andrew was a great experience and an important one, since his participation in the program marks 20 successful closings and 20 West Philadelphia houses turned into homes for Drexel employees,” said Wallace. “I couldn’t be more pleased with the success and popularity of the program.”

For additional details on Drexel’s Employee Homeownership Assistance program or to schedule an appointment, contact Althea Wallace at 215.895.2582 or