Home Purchase Assistance Program
Wednesday, October 26, 2016 | 11:30am - 1:30pm | Drexel Recreation Center
Faculty and professional staff members interested in the Home Purchase Assistance Program may attend our upcoming fall vendor fair. The fair will include various vendors and industry experts including Realtors, Mortgage Lenders, Inspection Agents, Home Insurance Agents and representatives of the local West Philadelphia civic associations. Food and raffle prizes will be available!
The Home Purchase Assistance Program was established to encourage and support home ownership within defined borders of the Drexel University City campus community. The program offers a forgivable loan to benefit eligible full- and part-time Drexel University faculty and professional staff toward the purchase or renovation of homes within a defined area.
Eligible Drexel faculty and professional staff members may take advantage of one of the two loans provided by the University:
- Home Purchase Loan - $15,000.00 forgivable loan to be used toward the purchase of a home within the program's defined boundary area. More information.
- Home Renovation Loan - $5,000.00 forgivable loan to be used towards approved renovations at a home within the program's defined boundary area. More information.
The defined boundary spans the area from 31st Street to the East and 48th Street to the West; Girard Avenue to the North and Chestnut Street to the South. The Philadelphia neighborhoods of Mantua, Powelton Village and West Powelton are located within this boundary area.
Human Resources Assistance
Throughout the home buying process, Drexel Human Resources will partner with each faculty and professional staff member by providing the following resources:
- Access to Participating Vendors - Drexel works with various vendors including Real Estate Agents and Mortgage Lenders. View the Vendor Listing.
- Step by step guidance throughout home buying process (from lender selection to settlement)
- Option to hold settlement on campus
Prior to initiating any contracts or commitments, the faculty or professional staff member must schedule an appointment with Courtney Claiborne at email@example.com or 215-895-1666 to discuss and confirm eligibility.
Please review the Frequently Asked Questions
*New* Program Enhancements
As of fall 2016 the following improvements have been made to the Home Purchase Assistance program in order to increase the value of this benefit offering:
- Expanded boundary area. The designated home purchase zone has been extended to include a larger geographic area surrounding the University City campus. The area has been expanded from 42nd Street to 48th Street to the west and from Mantua Avenue to Girard Avenue to the north
- Extended use of the Renovation Loan. Current homeowners may now utilize the Drexel funds for approved interior renovations in addition to external improvements as outlined on the Renovation loan page
- Renovation Loan matching up to $7,500.00. In addition to the $5,000 forgivable loan for home renovation, Drexel will match employees’ dollar-for-dollar spending up to an additional $2,500.