ADVISORY: Turn The Key will be building new homes for first-time homebuyers in the 8^th District

WHAT: The innovative public-private Turn the Key (TTK) affordable luxury homebuilding initiative continues to make an impact on the city’s housing stock. TTK is an important solution featured in Mayor Parker’s H.O.M.E. Initiative and is helping to create more affordable housing options for first-time homebuyers.

TTK is putting income-qualified first-time homebuyers into beautiful NEWLY constructed 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 provides up to $85,000 to buyers as a mortgage buydown and downpayment or settlement assistance.

This is the first Turn the Key development in the 8^th Councilmanic District.

WHO: Invited Speakers

•                     Mayor, Cherelle L. Parker

•                     Council President, Kenyatta Johnson (2^nd District)

•                     City Councilmember, Cindy Bass (8th District)

•                     Brennan Tomasetti, Owner, Civetta Property Group

•                     Angel Rodriguez, Executive Director of the Philadelphia Land Bank

WHEN: Monday, June 1^st at 1:30

WHERE:  1600 West Venango Street, Philadelphia, PA 19140

NOTES TO THE MEDIA:

All of the homes were constructed with additional installation to improve energy efficiency, feature mansard roofs, and are three bedrooms, two bathrooms.

Turn the Key Stats:

•                TTK Average Monthly Payment For 3-Bedroom Home: $1,400 average cost of rent in Philly for a 2-bedroom apartment is $1800)

•                TTK Homebuyer Average Annual Income: $45,000

•                Average TTK Homebuyer is at 57% of Area Median Income (AMI)

•                Over 50% of TTK homes, either sold or under contract, have been to households at or below 60% of AMI.

•                Average Hours of Free Housing Counseling provided to Set TTK Homebuyers up for success: 8

•                Average 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

TTK Homes are on sale now! Income and eligibility requirements for homebuyers, program details and definitions, and the TTK application can be found on the Turn the Key webpage.

Groundbreaking is open to the press.