ADVISORY: City, Philadelphia Land Bank, PHDC and Partners Host Turn The Key Open House for First-time Homebuyers.
WHAT: The innovative public-private Turn The Key (TTK) affordable luxury homebuilding initiative is hosting an Open House THIS SATURDAY for interested first-time homebuyers.Event attendees can meet TTK homebuilders and participating financial lenders that can help persons purchase their first home. To register, please visit: https://www.eventbrite.com/e/turn-the-key-open-house-tickets-1280830832499?aff=oddtdtcreator
WHO: Invited Speakers
- City Council President, Kenyatta Johnson, 2nd District
- Angel Rodriguez, Executive Director Philadelphia Land Bank
- Two (2) Turn The Key Homebuyers
WHEN: Saturday, April 26th, Welcome and brief remarks will begin around 12:00 p.m.
WHERE: Vare Recreation Center, 2600 Moore Street, Philadelphia, PA 19145
NOTES TO THE MEDIA:
Turn The Key Stats:
- TTK Average Monthly Payment For 3-Bedroom Home: $1,353 (average cost of rent in Philly for a 2-bedroom apartment is $1800)
- TTK Homebuyer Average Annual Income: $45,000
- Average TTK Homebuyer Credit Score: 600
- Average TTK Homebuyer is at 57% of Area Median Income (AMI)
- Average Hours of Free Housing Counseling provided to Set TTK Homebuyers up for success: 8
- Average Sales Price of Home in Philly: Over $300,000
- Average TTK Home Price BEFORE grants and buydowns: $280,000
- Average TTK FINAL Home Price AFTER grants and buydowns: $183,499
Income and eligibility requirements for homebuyers, program details and definitions, and the TTK application can be found on the Turn The Key webpage.
Event is open to the press and public.