Who Can Purchase the New PHA Houses at 13th and Fitzwater?

                                             Photo: Brownstoner Philadelphia
The PHA homeowners units at 13th and Fitzwater are near completion.  The housing authority's website gives detailed information on how to purchase one of these homes.  Here are some the key details:

• The three bedroom homes without a garage are priced at $285,000
• To purchase, you must have a full time job and make between $62,240 - $89,470 
• A 5% down payment is required, 1% of which must be your own money.
• Preference for the opportunity to purchase will be given to current or former public housing residents.
• If you sell the home in the first 10 years, this is how the sharing of the proceeds works:

• Subsequent Sale by Original Homebuyer	Buyer’s Share of Proceeds	PHA’s Share of Proceeds
  Within first 3 years of ownership	0%	100%
  During 4th year of ownership	12.50%	87.50%
  During 5th year of ownership	25.00%	75.00%
  During 6th year of ownership	37.50%	62.50%
  During 7th year of ownership	50.00%	50.00%
  During 8th year of ownership	62.50%	37.50%
  During 9th year of ownership	75.00%	25.00%
  During 10th year of ownership	87.50%	12.50%
  After 10 years of ownership	100%	0%