Join the Greater Philadelphia Metropolitan Board of Realtist (Official) on November 4th, 2023, from 10:00 AM to 3:00 PM for a transformative day of empowerment and enrichment at the “Generational Wealth, Health, and Opportunity, Veterans Day” event. What to Expect: Empowerment: Gain valuable knowledge and tools, including insights into housing opportunities and grants. Community Cohesion:…
In an analysis of 2022 loan data, the Reinvestment Fund, a Philadelphia-based community investment nonprofit, has shed light on the evolving landscape of the city’s housing market. The findings reveal a significant shift in the local housing environment, marked by rising borrowing costs and soaring home prices. The report also highlights critical issues, including a…
In an effort to address persistent homeownership disparities, the U.S. Department of Housing and Urban Development (HUD) is taking significant steps with HUD Homeownership grants. These grants, totaling close to $1 million, are aimed at supporting initiatives dedicated to bridging gaps in access to mortgage financing and homeownership, particularly for borrowers of color and underserved…
Philadelphia Mortgage Shopping Tips: In today’s dynamic real estate market, characterized by surging mortgage interest rates, prospective home buyers in Philadelphia face a unique opportunity to make their homeownership dreams more affordable through smart mortgage shopping. Authored by Michaelle Bond, a staff writer for The Philadelphia Inquirer, the latest article delves into the powerful strategy…
We must address the pressing issue of affordable housing in Pennsylvania, where a significant gap exists between wages and the cost of rental homes. The Out of Reach report, recently released by the National Low Income Housing Coalition (NLIHC), sheds light on this alarming disparity. For low-wage workers and families, the dream of finding affordable…
National Housing Conference Toolkit for Building Employer Assisted Housing Programs The Employer Assisted Housing (EAH) programs are a solution that aims to help employees achieve homeownership. Firstly, first-time homebuyers can receive down payment and closing cost assistance in the form of a loan that the organization forgives over a 3- to 10-year period or a…
Over the last year, mortgage rates have doubled. Average interest rates for the most popular long-term mortgages have doubled from 3.1% to 6.49%. According to the Mortgage Bankers Association, the median monthly mortgage payment nationwide rose to $2,012 in October, a new record high. Homeowners locked into lower mortgage rates are staying put, and the…
The Federal Reserve Bank of Philadelphia performed a study and discovered higher rates of denial for Small-Dollar Mortgages in Pennsylvania, New Jersey, and Delaware. Mortgages valued at $100,000 or less can aid people with limited income and savings to purchase lower-cost homes. But a recent report uncovers that applicants for these loans in Pennsylvania, New…
Since 2016, the National Community Reinvestment Coalition (NCRC) has facilitated the creation of Community Benefits Agreements with 21 bank associations worth a combined totality of $589 billion for a mortgage, small business, and community development lending, investments, and philanthropy in low-to-moderate- income (LMI) and under-resourced neighborhoods. The very first deal was with KeyBank. Today, NCRC withdraws…
Housing affordability has fallen to its lowest level in more than 10 years, according to a national trade group. Homebuyers must earn more. Last month, the nation’s home buyers needed to earn roughly $107,000 yearly, up from around $74,000 a year earlier, to afford a median-priced home, according to Redfin. In the Philadelphia metropolitan area, the annual income required to afford a house at the median sales price of…
The NCRC released a report demonstrating a groundbreaking study about racially biased home appraisals utilizing mystery shoppers in Baltimore, MD. In addition, the study revealed that real estate appraisers deliver better assistance to White homeowners than Black homeowners. The appraisers assign higher values to residences they believe to be White-owned, as well. Black/White interracial partners…
The “Philly 5 by 25 initiative” will aid home buyers and homeowners through efforts to tackle tangled titles, help diversify the real estate and home appraisal industries, support housing counselors, finance the development of affordable housing, and help individuals remain in their homes. A collaborative of Philadelphia community groups, led by the civil rights…
The article below gives valuable insight and tips for homebuyers to overcome soaring interest rates. The mortgage rates have more than doubled, from less than 3% to nearly 7%, within the past couple of years. The increase may prompt questions you need to ask yourself no matter where you are in the home-buying process. Do higher…
The Philadelphia Federal Reserve Bank (FRB) developed the Reinventing Our Communities (ROC) Cohort Program to promote strong local economies by supporting neighborhoods across the U.S. to address structural discrimination and obstacles to opportunity. Cohorts are parties of cross-sector community leaders who partake in workshops and peer learning that allows them to acquire skills and develop…
Philadelphia courts have ordered a moratorium on Sheriff Sales until September, following weeks of outcry over a sudden switch to online sales and subsequent critique from City Council. The office resumed sales after a one-year hiatus due to the coronavirus pandemic and when it restarted sales, it followed the lead of a number of counties that had…
Financial Literacy Month began as a one-day acknowledgment that now runs the entire month of April. But for these two social entrepreneurs, advancing financial literacy is a task for 365 days a year — especially when it comes to youth. Chris Banks, founder of BanksGiving believes that sound financial principles should be learned as early as possible and…
FOR IMMEDIATE RELEASE: January 4, 2020 Urban Affairs Coalition’s Community & Economic Development Committee releases 2019 Foreclosure Prevention Resource Guide PHILADELPHIA, PA – On Tuesday, January 4, 2020, the Community and Economic Development (CED) Department of the Urban Affairs Coalition (UAC) released their latest version of the Foreclosure Prevention Resource Guide – the only resource that…
