Westward, Ho! Penn's Homeownership Incentive Boundaries On The Move
By Pat Loeb
PHILADELPHIA (CBS) - Parts of southwest Philadelphia are watching -- sometimes warily -- as the University of Pennsylvania is expanding the borders of its homeownership incentive program.
For years, Penn has been offering employees forgivable loans if they buy or renovate in a defined area surrounding the campus. Nicole Hudson Andrews, who runs the program, says it's played a small part in improving the area:
"You can see the changes with the retail, restaurants, cafes -- just a robust area here in West Philadelphia."
Housing values have also gone up, so now, in a quest to help employees find more affordable housing, Penn is pushing boundaries for the program westward to 56th Street and South to Paschall.
"I think it's a good thing," says Donna Henry of Southwest CDC.
Henry says the Penn program could help improve housing in the area, though some residents may have concerns:
"People might get nervous that things are going to change too quickly."
Street vendor 10-4 is torn:
"Penn is a super heavyweight. With Penn, of course, it would grow, but I think it would grow where a lot of people would still lose."
Community leaders within the original boundary say the pace of change was manageable there. About 36 people a year take advantage of the program.