Philadelphia's 'Turn the Key' Program Expands to Convert Vacant Houses into Affordable Homes
Philadelphia's 'Turn the Key' program, designed to make homeownership affordable for low and moderate-income individuals, is expanding its scope. Initially, the program donated city-owned vacant land to developers to build new homes at below-market rates. Now, it includes the rehabilitation of existing vacant houses. HACE, a North Philly-based community development corporation, is leading this initiative by renovating uninhabitable houses and selling them for $160,000. This pilot project, a collaboration with the city of Philadelphia, the Philadelphia Housing Authority, and a community development support nonprofit, aims to make homeownership more accessible. For example, a family earning $45,200 annually is set to close on a newly renovated rowhouse with a monthly mortgage of approximately $1,000, less than their current rent.
