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Home Renovation Loan

Home Renovation Loan

Drexel will provide a forgivable loan to eligible faculty and professional staff members toward the approved renovation of a home with the following parameters:

  • The property must not exceed a two-family dwelling, and includes condominiums. Multi-family dwellings may only be renovated with the intent and promise to convert into one or two family dwellings.
  • The property must be located within the geographical boundaries outlined on the map: 31st to 48th Streets and Chestnut Street to Girard Avenue.
  • The $5,000 forgivable loan must be used for the following approved renovations:
    • Asbestos removal
    • Carpeting
    • Flooring
    • Electrical
    • Energy audit
    • External improvements
    • Heating/Cooling
    • Plumbing
    • Roofing
  • Forgivable home renovation loans are limited to one loan per property during any two-year period and may not be combined with any other Drexel home ownership benefit.
  • The property must be owner occupied and remain the employee's principal residence for at least two years. Should the property at any time during the two-year period cease to be owner occupied and the employee's principal residence, the employee agrees to pay the full $5,000 back to the University, unless the property is sold to Drexel University, in accordance with the Pre-Purchase and Post-Purchase certifications required as a condition of being eligible for the forgivable loan.
  • Nothing in this guideline changes the at-will relationship between the parties. 

Approved Home Renovations

  • Asbestos removal
  • Carpeting
  • Flooring
  • Electrical
  • Energy audit
  • External improvements
    • Any renovation that improves the external structure of the building façade.
    • It is the responsibility of the owner to ensure that any renovation or changes to the façade is within the guidelines of the zoning regulations and relevant historic architecture guidelines.
  • Heating/Cooling
  • Plumbing
  • Roofing

Home Renovation Loan Procedure

To request a forgivable home renovation loan, the staff member must:

  1. Schedule an appointment with Courtney Claiborne (cnp45@drexel.edu/215-895-1666) to discuss and confirm eligibility. 
  2. Submit the following documents (prior to renovation):
    • completed application
    • detailed description of renovation(s) 
    • proof of 2 competitive bids from licensed contractors
  3. Provide a “Pre-Purchase Certification”: Certify, prior to renovation that the staff member owns and occupies the property as their principal residence.
  4. Forgivable home renovation loans will be made payable to the home owner, provided the eligible staff member still meets all eligibility requirements on the renovation date.
  5. Within 30 days of the completion of renovations, the eligible employee must deliver a form of certification together with certain required documentation, related to the renovations 

Home Renovation Loan Eligibility

In order to be eligible under these guidelines, the staff member must be a full- or part-time benefit eligible active employee of Drexel, on the date of the renovation of the property. Staff members on non-paid leave, regardless of the reason for the leave, are not eligible until they return to active paid. 

Tax Liability

All forgivable loans are subject to Philadelphia wage taxes and state and federal income taxes.