Mayor stresses more inclusive housing policy at new homeowner’s ribbon cutting in North Philly

Marco Cerino TRIBUNE STAFF WRITER – Mar 4, 2025

Nine days before her budget address before City Council, Philadelphia Mayor Cherelle Parker highlighted the impact of providing housing for city residents. She also sent a message as to who she wants to help.

Parker and officials gathered to cut a ribbon in North Philadelphia for a Turn the Key participant. Shakeda Gaines went through the program, got certified for home ownership, and bought a property on the 900 Block of Turner Street.

Turn the Key continues to help middle-income city residents achieve home ownership through education, credit counseling, and financial support. Those who qualify are paying around $1,300 monthly in mortgage payments, around $500 less than the city’s current rent median, for a three-bedroom home.

Parker claims she loves coming to these events, saying “I get giddy” for the ribbon-cutting ceremonies. As she prepares to provide more details on her “Mission 30,000” housing initiative next week, she also emphasized a need for more programs that help working Philadelphians who make modest salaries and don’t qualify for most major assistance programs.

“As we develop programs, we cannot simply develop programs for folks who are in deep poverty alone,” she said. “There are so many people who go to work every day, work hard in our city every day, and they too don’t have access to the opportunity to do what I believe all Philadelphians should do able to do, and that is have a safe, affordable, quality, and quite frankly … an aesthetically appealing place in order to live.”

Gaines told those gathered that she didn’t think she could afford to buy a home with high prices and a low credit score. The staffer with Minority Leader Kendra Brooks did go through a city-run workshop and earned her homebuyers’ certificate. She did not complete the Turn the Key application until circumstances changed with her rent situation.

“I was tired of paying crazy rent prices and had gotten frustrated with dealing with my landlord,” she said. “The plans that he had for my home didn’t look and feel like the dreams I had for me and my children. I decided to get serious about home ownership and revisit Turn the Key. In September of 2024, I picked up the process where I left off and I was surprised at how quickly it went.”

Turn the Key has taken properties in the city’s Land Bank, worked with developers to build single-family homes, partnered with lenders for favorable mortgages and assisting with other costs. Income thresholds for participants are 100% of the area median income, which comes to $80,300 for a single occupant and $114,700 for a household of four. The properties also enjoy a tax assessment freeze for the life of the mortgage.

Parker and Brooks both expressed a desire to see more city employees apply for the program. Home ownership is the leading source of multigenerational wealth for communities of color. Angel Rodriguez, executive director of the Philadelphia Land Bank, had a straightforward message for those struggling with the city’s high rents and housing insecurity.

“If you want to save money, buy a home,” he said.

Before the ribbon cutting, Parker sent a message to Council and constituents. After praising those who took risks and invested money in programs like Turn the Key, she claimed her predecessors became experts in “pitting the have-nots against those who have just a little bit.” That mindset made a lot of people who have lived in the city for decades ineligible for support, something she seeks to change. The mayor mentioned that at lower AMI requirements, Gaines would not have qualified for a program that helped the mother of four own a home.

“I would argue to you the way we develop housing policy in the city of Philadelphia in the past, I think it was terrible,” Parker said. “I commit to you that when you listen to people advocate for this issue, don’t look at the 30,000-[foot] view. The devil is in the details. How are you going to build a program? What do the specs and the rules and the regulations, and the eligibility requirements look like? That’s when you see government at its best.”

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.

Today, the City, Philadelphia Land Bank, PHDC, Fine Print Construction and Riverwards Group Celebrate 39 More Turn the Key Homes

More Affordable Luxury Turn the Key Homes Now on the Market

Philadelphia, October 15, 2024

Today, the City, PHDC and the Philadelphia Land Bank announced 39 more units using their innovative public-private Turn the Key (TTK) affordable luxury homebuilding initiative. These units were constructed by Fine Print Construction and Riverwards Group.

TTK is putting income-qualified first-time homebuyers into beautiful NEW construction 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 providing up to $75,000 to buyers as a mortgage buydown and up to $10,000 downpayment or settlement assistance.

TTK is one of several partnerships fostered by the Parker Administration in progressing towards the Mayor’s goal of producing and preserving 30,000 housing units.

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: $45,000Average

  • 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: 8Average 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.

Living and working in the Grays Ferry area is a dream come true, as it allows us to give back to the community in meaningful ways,” Dawud Bey CEO of Fine Print Companies. “We are thrilled to be part of the “Turn The Key” program, which we believe is the best affordable housing homeownership initiative in the country. This groundbreaking program makes it possible for Philadelphians, with an average income of $20 per hour, to own a new, high-quality single-family home for under $1,200 per month. One of the program’s unique aspects is the $75,000 non-payable second mortgage, which is later forgivable—a feature no other program offers. We at Fine Print Construction, alongside our partners at Riverwards Group, are honored to participate in this effort to bring sustainable and affordable homeownership to our community.  Together, we’re helping to open doors for countless individuals and families in Philadelphia, fostering a brighter, more inclusive future.”

“On behalf of staffs of PHDC and the Philadelphia Land Bank, we are proud to be the partner for this initiative with the Parker Administration and City Council,” said David Thomas, CEO of PHDC. “Turn the Key makes homeownership dreams a reality for residents that work hard each day, and never thought they would be homeowners. It is truly a rewarding program to be a part of.”

This is by far, the best program in the entire country for affordable housing homeownership,”  Mo Rushdy, Managing Partner, The Riverwards Group. “With average buyer making $22/hr, this program has opened opportunities for so many Philadelphians to be able to live in a quality new single-family home at sub-$1,200 per month. No program offers $75,000 in a non-payable second mortgage, that later on, becomes forgivable, the way the Turn The Key program does. Riverwards Group is proud to be a major participant in this successful program.”

TTK Homes are on sale now and in Fall 2024 in BrewerytownCarroll ParkEast Kensington/Port RichmondGrays FerrySharswood/Blumberg, and Wharton/South Philadelphia

“Penn Community Bank is proud to be a key partner in the Turn the Key initiative, which is transforming lives and communities across Philadelphia,” said Lewis Cyr, Chief Lending Officer at Penn Community Bank. “As a mutual bank, our mission is to foster economic growth and stability in the communities we serve. Through our Home Opportunity Mortgage program and construction loans, we’re helping to make the dream of homeownership a reality for hardworking Philadelphians. We’re committed to continuing our support for innovative programs like Turn the Key that create lasting positive impact in our region.”

“Citizens Bank is a proud participant of the Turn the Key program,” said Deborah MasonCRA Mortgage Loan Officer, Home Lending Solutions – Mortgage, Citizens Bank. “Our Affordable Lending products along with grants, down payment and closing cost assistance products are making homeownership achievable for First Time homebuyers across the Phila area. Our commitment to the Communities, Colleagues and Customers helps strengthen our partnerships with PHDC,  Mayor Parker and City Council , Phila Land Bank and nonprofits across the city.  “Together, we are creating a stronger more financially empowered community.”