Philadelphia to announce up to $10,000 for first time home buyers

PHILADELPHIA (WPVI) -- Are you looking to buy your first home? In Philadelphia? Could an extra grant of up to $ 10,000 help make it happen? Then a program being rolled out Thursday by city government may be good news for you.

Mayor Jim Kenney and other officials are set to announce Philly First Home this afternoon.

The city says the program was created to help neighborhood sustainability in Philadelphia by making homeownership more affordable.

The Philly First Home money can be used towards a down payment and or closing costs.

According to the city, the program will provide up to $10,000 in assistance.

There are some qualifications:

Da'Me and his wife Desmona Harris of Cobbs Creek are looking to purchase their first home.

For years, they have been saving toward a $14,000 to $15,000 down payment.

There have had to delay their dream of home ownership for reasons including a job lay-off and the births of their two young children.

Today, their housing counselor let them know about this new first time homeowner program and they couldn't be happier.

Da'Me Harris said, "It kind of came in the perfect timing. We were just talking yesterday about how we were going to figure, supplement the savings that we have and be able to reach that mark for closing costs and down payment. We were thinking about family, are there other resources? It's kind of serendipitous that this just kind of jumped out of the sky almost."

Recipients must be a first-time homebuyer or not owned a home for at least three years. You must be a resident of Philadelphia for at least three years, and have a household income at or below 120% area median income.

You must own the home for 15 years. If you sell it before then, you have to pay back the money.

Those who are interested should contact the city's Division of Housing and Community Development funded counseling agencies starting June 10, 2019.