A vacant property in North Philadelphia was transformed into an affordable homeownership opportunity through a partnership combining public investment, financial assistance and housing counseling.
A long-vacant property near Fifth and York streets has been transformed into an affordable homeownership opportunity for a Philadelphia family through a partnership that combined public, private and community resources to reduce the cost of purchasing a home.
HACE presented the completed project on October 30 during a media open house and ribbon-cutting ceremony attended by the new homeowner, partner organizations, city officials and neighborhood residents.
The property is HACE’s fourth home developed through Philadelphia’s Turn the Key initiative. It also represents a milestone for the program as the first rehabilitation of an existing property completed through Turn the Key citywide. HACE’s three previous homes under the initiative also involved renovating existing structures rather than new construction.
The project expands Turn the Key into Philadelphia’s 7th Councilmanic District. The initiative is designed to help households earning below 50% of the area median income become homeowners while remaining in their communities and returning vacant properties to productive use.
Several organizations contributed resources to make the home affordable. The Philadelphia Housing Authority (PHA) donated the property, valued at $56,700. The Philadelphia Housing Development Corporation (PHDC) provided $75,000 through Turn the Key, while LISC Philadelphia contributed a $40,000 affordability-gap subsidy to address the difference between the purchase price and what the buyer could sustainably afford. The project also included $10,000 through the Philly First Home program.
According to project materials distributed by HACE, the total development value reached $341,700, including $285,000 in construction costs. The purchase price for the new homeowner, however, was set at $160,000. LISC’s assistance is designed to help keep monthly mortgage payments at approximately $1,400.
«For HACE, success isn’t simply rehabilitating a house. It’s creating the conditions that allow a resident to become a successful homeowner,» said Maria N. Gonzalez, the organization’s president and CEO.
Mayor Cherelle L. Parker was represented at the event by Angela Brooks, the city’s chief housing and urban development officer. Parker emphasized that bringing together city resources, community-based organizations and targeted investment can create opportunities for families to build stability and wealth.
The project also includes housing counseling, financial preparation, credit improvement and mortgage guidance. That support is especially important because even qualified buyers may find that market prices exceed what they can afford sustainably over time. LISC’s subsidy is intended to bridge that gap.
Through this rehabilitation, vacant property has returned to residential use, and another Philadelphia family now has the opportunity to build equity without leaving its community while helping strengthen the neighborhood’s long-term economic stability.
