ADVISORY: City, Philadelphia Land Bank, PHDC and Partners Increase First-time Homeownership with Turn The Key Homes
WHAT: The innovative public-private Turn the Key (TTK) affordable luxury homebuilding initiative continues to make an impact on the city’s housing stock, creating more affordable housing options for first-time homebuyers.
TTK is funded by City Council’s Neighborhood Preservation Initiative (NPI).
TTK is putting income-qualified first-time homebuyers into beautiful NEWLY constructed homes by lowering the cost of homeownership dramatically. The Philadelphia Land Bank’s two-pronged strategy is to contribute publicly owned land from its inventory as sites for the new construction to decrease building costs and then provides up to $85,000 to buyers as a mortgage buydown and downpayment or settlement assistance.
WHO:
Invited Speakers
- Mayor Cherelle L. Parker
- City Councilmember Jeffery Young, Jr. (5th District)
- City Councilmember Kendra Brooks, At-Large, Minority Leader
- Turn the Key Homeowner
- Brennan Tomasetti, Owner, Civetta Property Group
- Jennifer Ashley, Vice President of Mortgage Lending, Guaranteed Rate
- Angel Rodriguez, Executive Director of the Philadelphia Land Bank
- David Thomas, President and CEO of PHDC
WHEN: Tuesday, March 4, 2025, 11:00 a.m.
WHERE:
Ribbon Cutting Ceremony: 900 Block of Turner Street, Philadelphia, PA 19122
For navigation: 929 Turner St., Philadelphia, PA 19122
Model Home Tour Immediately Following Ceremony: 928 Cecil B. Moore Ave. Philadelphia, PA, 19122
NOTES TO THE MEDIA:
All the homes were constructed with additional installation to improve energy efficiency, feature mansard roofs, and are three bedrooms, two bathrooms.
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 $1,800)
- TTK Homebuyer Average Annual Income: $45,000
- 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
TTK Homes are on sale now! Income and eligibility requirements for homebuyers, program details and definitions, and the TTK application can be found on the Turn the Key webpage.
Ribbon Cutting is open to the press.