Our Goal: Livable, Affordable Housing
The foundation for a strong neighborhood begins with livable and affordable housing. Drexel is committed to supporting initiatives and programs that encourage and support home ownership and improvement. From a home purchase assistance program for Drexel employees to workshops for residents on completing energy efficient renovations, Drexel provides substantial support to neighborhood homebuyers directly and through partnerships with local developers.
The Drexel Employee Home Purchase Assistance Program is one of the most extensive of its kind in the nation today. Established to encourage and support home ownership within the neighborhoods around the University City Main Campus, the program offers a $15,000 forgivable loan to employees towards the purchase or renovation of homes within defined borders. Drexel also gives Drexel employees who live in the neighborhood a one-time $5,000 home improvement grant for renovations.
- In 2011, Drexel became one of the first employers to sign-on for the new Home•Buy•Now program, which helps Philadelphia's workforce to become homeowners. Through the program, the City gives incentives for participating employers to volunteer to provide employees with grants or forgivable loans toward the purchase price of a new home within the city limits and then matches this funding up to $4,000 per home buyer. Drexel employee Dr. Kalatu Davies became the first individual to purchase a home under the new program in July 2011.
- Drexel joined a collaboration of local partners to help the HUD Choice Neighborhoods Initiative, which is supporting the redevelopment planning for Mt. Vernon Manor, an assisted housing project in the Mantua neighborhood, with a $250,000 grant. The initiative evaluates the current physical, socio-economic and educational assets of the neighborhood and engages residents and local community groups in a collaborative process to identify areas in need of improvement. Drexel University has committed faculty and administrative expertise to the planning process. Additional local organizations involved in the effort are The Philadelphia Foundation and The Redevelopment Authority of the City of Philadelphia.