Penn Community Bank has contributed $15,000 to Habitat for Humanity of Montgomery and Delaware Counties (Habitat MontDelCo). The donation aligns with its home-ownership programs: Home Buying, Almost Home Financial Empowerment, and Neighborhood Revitalization programs.

Home Buying

The Home Buying Program serves residents earning 30–80 percent of the median income with significant housing needs.

Habitat MontDelCo provides a low-interest mortgage and holds a silent second mortgage for the remainder of the homes’ appraised value. This is important as it:

1. Ensures that home values in the community are not negatively impacted by the subsidized sale price
2. Provides added wealth to the Habitat homeowner after the mortgage is paid in full and the second mortgage is forgiven

Almost Home

Almost Home Financial Empowerment helps residents:

• Learn crucial financial skills
• Understand their current financial situation
• Set and work toward goals for financial stability

Almost Home is a no-cost, six-week course that meets twice a week for two-hour classes, and students are provided access to a volunteer financial coach.

The Almost Home Program serves adults living and/or working in Montgomery and Delaware Counties.

To date, 89 percent of participants are female heads of household, and 60 percent of them have a maximum education level of a high-school diploma with some trade school training.

A study from the National Bureau of Economic Research reports that 33 percent of wealth inequality is accounted for by disparities in financial understanding or knowledge, and there is a 46 percent gap in financial literacy between those with a high-school diploma and those with a graduate degree.

Neighborhood Revitalization

The Neighborhood Revitalization Program, which includes Habitat MontDelCo’s Critical Home Repair initiative, seeks to increase safety, civic engagement, resident quality of life, social cohesion, and economic development in three Neighborhood Revitalization zones:

• Upper Darby
• Norristown
• Pottstown

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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. 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.

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This Habitat for Humanity story from a CBS affiliate in Minn. gives a full-scale look at its efforts.