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
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 Brewerytown, Carroll Park, East Kensington/Port Richmond, Grays Ferry, Sharswood/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 Mason, CRA 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.”
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