#United States #Philadelphia #Citadel Credit Union #Home Help Program

Citadel Launches $6 Million Homebuyer Assistance Program

Citadel Credit Union, based in Exton, Pennsylvania, has officially unveiled a transformative initiative aimed at fostering homeownership in Philadelphia's less advantaged communities. The newly launched Home Help Program is a significant part of Citadel's strategy to promote economic empowerment and stability among local families. This ambitious initiative is backed by a substantial $6 million loan subsidy fund designed to provide much-needed financial support to eligible homebuyers.

Financial Assistance Overview

Through the Home Help Program, Citadel offers up to $18,000 in assistance specifically for down payments and closing costs. This financial uplift is intended to alleviate the challenges that prospective homebuyers face, particularly in households located in neighborhoods that are predominantly black and Hispanic. During a soft launch earlier this summer, Citadel awarded an impressive $134,000 in grants, facilitating $1.6 million in home financing. This investment showcases Citadel's dedication to the Philadelphia region and its commitment to economic revitalization.

Objectives and Community Impact

"Home Help is dedicated to serving the Philadelphia community by helping more residents achieve the dream of homeownership," stated Lisa Albany, Vice President of Real Estate at Citadel Credit Union. This initiative specifically targets not only first-time buyers but also qualified borrowers looking to refinance or improve their existing homes. Citadel aims to strengthen local communities by enabling families to achieve long-term financial stability, ultimately allowing them to build equity and manage their finances responsibly.

Key Highlights of the Home Help Program

• - Substantial Financial Support: A fund of $6 million is set aside to aid eligible homebuyers with mortgage or refinancing options across select areas.
• - Generous Assistance Packages: Eligible residents may receive up to $18,000 for various purchasing needs—this could include new home purchases, refinancing existing properties, or home improvement projects.
• - Wider Availability: The program is open to a diverse range of borrowers, thus allowing even seasoned homeowners to take advantage of the offers.

The Home Help Program focuses on owner-occupied properties, including single-family homes, condominiums, or planned unit developments, situated within designated majority-minority neighborhoods in Philadelphia County.

Community Engagement Efforts

In conjunction with launching this program, Citadel has named Evan Richman as their Community Lending Officer. Richman brings to the table over 15 years of expertise in mortgage lending and community interactions. His role will encompass collaborating with local elected officials, real estate agents, and various non-profit organizations to further amplify outreach efforts. A critical objective for Richman includes steering community engagement initiatives that bolster financial literacy among residents, ensuring that potential homebuyers are well-informed and equipped for the challenges of homeownership.

Richman’s focus will also extend to important partnerships with organizations such as the Affordable Housing Centers of Pennsylvania and the Urban League of Philadelphia. By teaming up with these organizations, Citadel aims to foster an environment where homeownership becomes a feasible dream for many underserved families.

Continuing the Commitment to Community Welfare

Citadel's Home Help Program goes beyond just providing financial assistance. It reflects a broader strategy of social impact aimed at enhancing the financial well-being of community members. Together with local community partners, initiatives like the Women’s Opportunities Resource Center and several housing coalitions further enhance the reach and effectiveness of their programs. Citadel's commitment to community outreach is comprehensive, extending to a variety of local educational workshops, resources, and a full-blown marketing campaign designed to raise awareness about these opportunities.

As this new program gains traction, Citadel Credit Union remains steadfast in its approach to maintain and build upon its relationships within the community, ensuring that more families have access to the resources and support they need to thrive. The Home Help Program represents a crucial step forward, not just for the Philadelphia community, but as a model of how financial institutions can directly contribute to societal well-being.

To learn more about the Home Help Program and eligibility requirements, eligible participants may visit the Citadel Credit Union website for detailed information about the application process and other resources available to empower homeownership in the region.