NKCDC Offering Eight Newly-Rehabbed Homes to First-Time Buyers

New Kensington Community Development Corporation is in the process of renovating 8 single-family homes for first-time homebuyers. Applicants must qualify for a mortgage, attend our free homebuyer certification course, and agree to reside in the home for at least 15 years. Through the American Dream Down-payment Initiative (ADDI), some clients may also qualify for a 6% grant toward settlement costs. Household income before taxes can not exceed 80% of the area’s median income (per HUD guidelines):

Household Size / Maximum Income
1 / $38,550
2 / $44,050
3 / $49,550
4 / $55,050
5 / $59,450
6 / $63,850
7 / $68,250
8 / $72,650

Homes will include central air & heat, energy efficient appliances, new electric, plumbing & carpet. Historic details will be preserved when possible. The 3 and 4 bedroom homes ranging in price from $125,000 to $130,000 are located at:

2064 E. York Street
2065 E. York Street
2045 E. Dauphin Street
2047 E. Dauphin Street
2178 E. Cumberland Street
2417 E. Firth Street
2436 E. Firth Street
2209 E. Gordon Street

Applications must be picked up and dropped off in person between
Monday, January 30, 2006 - Friday, February 10, 2006
9am-5pm
at NKCDC, 2515 Frankford Avenue (near Cumberland), Phila, PA 19125

During the following 3 weeks, on a first-come, first-served basis, counselors will schedule one-on-one appointments to help determine applicants’ eligibility for the program. At that time, a $20 credit check fee must be paid by money order. Documentation of income, savings, assets, and debts will also be required.

Can you please clarify how the 15-year requirement will be enforced?

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Resident of Fishtown, Moderator of Fish/No. Libs/Kenzo forum, Real Estate Agent-Prudential Fox & Roach

snipers trained at the CDC Special Forces Academy

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my friends lived in their CDC house for (i think) about 5 years, and when they decided to move out of philly, they paid off their lean (sp?) and were able to sell it for a decent amount.

With housing prices going up, sounds like a good plan. You can't really lose...

If only my job were that glamorous.

These programs not only offer homes for much less than the actual cost of the rehab, but also aim to build community with stable, invested residents. Anyone who re-sells within 15 years must sell to another qualified first-time buyer, and must re-pay the lien held by the Redevelopment Authority for the difference between the purchase price and the actual rehab cost. This figure varies by property due to the differing sizes, conditions, and extent of rehabilitation necessary. Not to worry, applicants will be apprised of all of this at their housing counseling sessions.

Now step away from the internets, and get yourself to Coral Street.

Just reminding folks the application period begins today and runs through Friday, February 10th, though I don't recommend waiting.