FIRST TIME HOME BUYER ASSISTANCE

July 22, 2024 (Downingtown, PA) The Housing Partnership of Chester County (HPCC) is pleased to announce that the Chester County Commissioners on July 17, 2024, amended a funding program to now allow qualified First Time Home Buyers from the agency’s program to receive a no-interest loan of up to $40,000 for settlement and closing costs.  Previously, low-to-moderate income graduates of HPPCC’s First Time Home Buyer program received up to $20,000 for settlement and closing costs when purchasing a home in Chester County.

Chester County is apparently one of the best counties in the state in which to raise a family. However, whether you call it entry-level, affordable, attainable, or workforce development, today in Chester County (and nationwide), there are few options for the first-time home buyer or renter to begin raising a family and establishing generational-wealth.  The median-priced home in Chester County sold in the second quarter 2024 for $545,000, while the average-priced home was $82,751 more expensive at $627,751.  In addition, the number of homes for sale continued to decline, but only a modest 3.2% over one year ago.  In recent articles, the Wall Street Journal observed that home affordability nationally is at the worst level for buyers since at least 1985, because sales prices have reached new peaks and mortgage rates are hovering near a two-decade high.

Owning a home often feels like a lofty, long-term goal for income-constrained Chester County residents. Limited inventory of homes affordably priced in Chester County; saving for a down payment with the ever-increasing cost-of-living expenses; rising interest rates; and lack of familiarity with the process create barriers that often feel insurmountable. For the lucky few who do own a home, maintaining that home to provide a safe, accessible, and comfortable living environment is a challenge due to high repair and maintenance costs. 

Having a safe, secure place to call home—whether one rents or buys—is a start in breaking the cycle of homelessness, food insecurity, transportation access, and economic development through employment. A vibrant community should allow every Chester County resident access to a safe, comfortable home that is affordably priced. Moreover, every worker in Chester County should be able to live in the community where they work.  That simply is not the case today, but it could be if enough people cared to make it so…and this increased loan amount will certainly help.

Contact Sheri Houpt, HUD-Certified Housing Counselor, at 610-518-1522 ext. 102 or sheri@housingpartnershipcc.com to learn more about HPCC’s program. 

The Housing Partnership of Chester County is a 501 (c)(3) non-profit corporation established in 1988 and headquartered in Downingtown, PA. Its mission is to improve the quality of life for low-to-moderate income people of Chester County by providing the tools to secure and maintain decent affordable housing. Over the past 35 years, HPCC has coordinated over 480 first-time homebuyers’ settlements, representing more than $3 million in financial assistance, and completed over $5.6 million in repairs for homeowners in Chester County. HPCC also provides free financial literacy programs for all ages. 

Ken Hutton, Executive Director

ken@housingpartnershipcc.com; 610-518-1522 x103

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