Penn Community Bank, the largest independent mutual bank in eastern Pennsylvania, joined Philadelphia Mayor Cherelle Parker, City Council President Kenyatta Johnson, and regional developers on Feb. 20 to celebrate the groundbreaking of 17 publicly-owned parcels for future Turn the Key homes in Philadelphia’s Grays Ferry neighborhood. Representing the bank and speaking at the event was James B. Erb, Senior Vice President and Commercial Real Estate Lending Manager.

Turn the Key is a Philadelphia Housing Development Corporation (PHDC) and City of Philadelphia Initiative to build 1,000 new affordable homes across the city. Turn the Key home prices will not exceed $280,000. Most homes will have three bedrooms and two bathrooms. To increase affordability, 20-year notes placed on Turn the Key properties are forgivable, and mortgage buydown assistance funds are available. Turn the Key participants can also apply for Philly First Home grants of up to $10,000 for down payment and closing costs. The homes are being built on city-owned land in Brewerytown, Grays Ferry, Ludlow, East Kensington, Port Richmond, Sharswood/Blumberg, Wharton, South Philadelphia, and West Poplar by private developers selected through an RFP process. Penn Community Bank has previously supported this initiative with its Home Opportunity Mortgage program.

Learn more about Penn Community Bank, an institution with over $2.7 billion in assets, employs more than 300 people, and offers banking and lending services at financial centers throughout Bucks and Montgomery counties.