Philadelphia Turn The Key Homebuyer Incentive Program
$75,000
About the Program
Turn the Key (TTK) is a City of Philadelphia initiative created to provide affordable homeownership opportunities to income-qualified first-time homebuyers. TTK is on track to help build 1,000 new, energy-efficient homes on publicly-owned land. Eligible buyers may receive up to $75,000 to make purchasing a home more attainable. Through partnerships with local developers, Turn the Key is helping buyers secure quality, energy-efficient homes and build long-term equity.
Am I eligible?
You must be a first-time buyer – a person who has never owned a home or who has not owned a home for three years prior to applying to Turn The Key.
You must complete PHDC-approved one-on-one homeownership counseling before signing an Agreement of Sale.
Your household income can be no higher than 100% of Area Median Income (AMI) – the amount that matches up with the size of your household. AMI is calculated by the federal government for use by housing assistance programs.
How do I apply?
Contact a City-funded housing counseling agency. They will need:
- Total annual family income
- Source of that income (employment, SSI, DPA, etc.)
- Number of family members who will live in the house
To learn about the Philly First Home Application Process, click here.
Application Summary
• Average sales price is $193,300
• $11 million in transfer tax returned to the City
• Average interest rate 6.2%
• Average houseold income $60,858
AMI Awarded:
\<=50% AMI 349
50% and \<=80% AMI 886
80% and \<=100% AMI 502
Race:
54% Black or African American;
21% more than one race;
18% White;
3% Asian
3% Undisclosed
1% Other
Ethnicity:
30% Hispanic or Latino
70% Not Hispanic or Latino
Other:
Female heads of households 853
Average Household Size 2
Average Age 34
With Disabilities 29
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