Penn Community Bank Partners with Philadelphia Financial Counseling Firm on Home Ownership Initiative

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Penn Community Bank is promoting financial literacy in an effort to spur home ownership in Phila.

Penn Community Bank has partnered with Clarifi — a Philadelphia financial counseling organization — to bolster financial literacy as a means of expanding homeownership opportunities in the city.

Rapidly rising housing prices, broad inflation, and interest rate hikes have all left their mark on the nation and local communities.

Pathway to Intergenerational Wealth

Homeownership, the single best means for creating and passing on wealth to new generations, is increasingly out of reach for minorities and those who fall into low- to moderate-income brackets.

In response, Penn Community Bank’s $100,000 contribution will support homeownership counseling and homebuying grants for Philadelphia residents in minority and low- to moderate-income areas.

Counselor-Participant Collaboration

As part of the program, Clarifi counselors work alongside participants to:

  • Evaluate budgets
  • Identify short- and long-term goals
  • Create written action plans that detail next steps

Together, pairs move through the home-purchase process, with program participants gaining insight through education about loan products, budgeting for maintenance, and working with realtors.

Upon completion, participants can access bank-provided grant funds to help them recoup savings, mitigate foreclosure risk, and make necessary home repairs and modifications.

Values-Based Banking

Jeane M. Vidoni, president and CEO of Penn Community Bank, said, “For 150 years, Penn Community Bank has been helping individuals and families across the region save for, finance, and purchase a home of their own. We know the impact that homeownership has on families and communities for generations, and we take our call to values-based banking serious.

“Partnering with Clarifi to enhance the work they are doing to eliminate barriers to homeownership in Philadelphia was a natural extension of our belief in greater-good banking.”

Steve Gardner, Executive Director of Clarifi, stated, “Today, the homeownership gap between Black and White Philadelphians is larger than it was in 1990. Too many Black families are denied the opportunity to build and pass on wealth to their children because of this disparity.

“We are proud to partner with Penn Community Bank to offer this innovative homeownership counseling program. Every new homeowner brings us a little closer to closing the racial wealth gap.”

Restructure to Help Ensure Success

In support of this mission to increase access to homeownership and necessary financial tools, Penn Community Bank recently announced a corporate realignment designed to help ensure its success.

That restructure led to the recent promotions of Bernard Tynes to EVP/Chief Marketing & Impact Officer and Bob Coffin as EVP/Chief Quality Management Officer.

Details about the Penn Community Bank financial literacy program as a gateway to home ownership, including how to apply, can be found at the Clarifi website.

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About Penn Community Bank

Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking and lending services at 20+ bank branches and three administrative centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.         

About Clarifi

Established in 1966, Clarifi is the leading financial wellness nonprofit in Philadelphia and the Delaware Valley. Through counseling and education, Clarifi helps people at all income levels, but with a special focus on low-to-moderate income families, improve credit, reduce debt, manage student debt, prepare for homeownership, avoid foreclosure and more. Clarifi’s mission is to empower individuals to achieve financial resilience and positively impact their communities. More information is at www.clarifi.org.

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This video explains the link between home ownership and building wealth.

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