Regency Furniture partnered with the Philadelphia Land Bank to celebrate the unveiling of their 100th new home sold as part of the “Turn the Key” Initiative. This milestone event underscored a shared commitment to making homeownership accessible and affordable for first-time homebuyers in Philadelphia. Regency’s talented team took charge to stage the home with the most stylish furniture and accessories from Regency! “Turn the Key” is a transformative initiative designed to help up to 1,000 Philadelphia families purchase new affordable homes and secure their futures. By providing comprehensive support, including financial counseling and leveraging city-offered grants, tax abatements, and mortgage buydowns, this initiative paves the way for sustainable homeownership.
Eligible buyers who meet “Turn the Key” criteria, which include a maximum household income of $80,300 for a single individual and $114,700 for a family of four, as well as a minimum credit score of 640, may qualify for this initiative. With an average monthly mortgage payment (including interest taxes and insurance) that is lower than the average Philadelphia rent of approximately $1,700 for a two-bedroom apartment, the initiative offers a financially viable path to homeownership.
Through the “Turn the Key” Initiative, homes selling for up to $280,000 can effectively be mortgaged for an average of $185,000 due to the financial incentives, including up to $75,000 as a mortgage buy-down and grants exceeding $10,000. Most homes in the program are 3-bedroom, 2-bathroom residences, with the 100th home located in the Brewerytown neighborhood, an area renowned for its brewing history and ongoing revitalization.
The grand unveiling of the 100th home sold took place on September 6th, 2024 and featured a lineup of notable guests including Philadelphia Mayor Cherelle Parker, City Council President Kenyatta Johnson, and PHDC President and CEO David Thomas. Over 100 attendees joined this celebratory event. The new homeowner was also gifted an $1100 gift certificate from Regency Furniture!
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