Homeownership becomes reality as Turn the Key initiative celebrates 100th home sold

NORTH PHILADELPHIA - Philadelphia celebrated the 100th Turn the Key (TTK) home that was sold to a North Philadelphia woman.

The initiative puts income-qualified first-time home buyers into newly constructed homes by offering up to $85,000 to buyers as a mortgage buy-down and down payment or settlement assistance.

Kenya, from North Philly, bought the 100th TTK home on North Marston Street where there are 31 other houses in the program.  She also received a $1,100 gift card to furnish her new home and says she looks forward to hosting Christmas.

"In between paying off student loans, paying rent, paying other bills, it was difficult to save for a down payment, because houses are so expensive," said Kenya.

Building the 1,000 affordable homes across the city was a vision that began with former City Council President Darrell Clarke. The project is being funded through the $400 million neighborhood preservation initiative.

"The City of Philadelphia had vacant lots all over not producing any revenue, creating flighted conditions in neighborhoods and to be able to use that land and turn it into homeownership, affordable homeownership in the City of Philadelphia is awesome," said Clarke.

To put into perspective how much the program helps - TTK homeowners will pay about $1,300 a month for 3-bedroom homes, while the average rent price for a 2-bedroom in the city is $1,800.

TTK Homes are on sale now and into fall 2024 in the following neighborhoods: Brewerytown, Carroll Park, East Kensington/Port Richmond, Grays Ferry, Sharswood Blumberg, and Wharton/South Philadelphia.

Eligibility requirements and the application, can be found on the Turn The Key website, here.