A Drexel professor cuts the ribbon on his home on the 300 block of N. 41st St., the first purchased using the university’s Home Purchase Assistance Program. (Photo from The Triangle).
The first Drexel University professor to take advantage of the school’s new Home Purchase Assistance Program, which entices faculty and staff to live near the school with a $15,000 forgivable loan to cover mortgage costs, cut the ribbon (literally) with his family on their front porch last week.
History professor George Ciccariello-Maher and his wife bought the house on the 300 block of N. 41st St. and Drexel celebrated with a ribbon-cutting ceremony on the front porch on May 12. They also have a young child.
“Being first was a big deal since it meant taking a risk,” Drexel’s student newspaper The Triangle quoted Ciccariello-Maher as saying.
The boundaries for Drexel’s homebuying program are Mantua Avenue to the north and Chestnut Street to the south and from 31st Street to 42nd. Other schools in West Philly, including St. Joseph’s and the University of Pennsylvania operate similar programs.
Drexel President John Fry announced the program during a speech last October in which he laid out in broad strokes the University’s plan to help fix the “continued deterioration” of the bordering neighborhoods of Powelton Village and Mantua.
Fry oversaw similar measures at Penn, including the formation of the University City District, while serving as Executive Vice President and Chief Operating Officer in the late 90s.
Boundaries of Drexel’s Home Purchase Assistance program.
May 16th, 2011 at 10:34 am
Funny how subsidized housing takes on a new meaning when it’s for the wealthy. If the concern was truly “continued deterioration” of the neighborhoods that money could have gone to development instead of gentrification.
May 16th, 2011 at 10:50 am
A history professor’s salary in no way qualifies a person as wealthy. I agree with the spirit of your post, particularly the last sentiment. But I don’t think it’s fair to refer to that family as wealthy.
May 16th, 2011 at 12:29 pm
Average salary for this profession is $85k to me that is wealthy and I am sure to others it is not.
A House just sold on this block for $295k and another is listed at $370k not exactly inexpensive but certainly not has high as the other side of 38th.
May 16th, 2011 at 2:38 pm
The program is available to anyone who works at Drexel, whether the person is support staff or professional staff. There are options in the defined area for a variety of income levels.
May 16th, 2011 at 9:37 pm
I wonder where they are planning to enroll that baby in 4 years for kindergarten? It would be great if a quality k-8 school would be part of this.
May 16th, 2011 at 10:08 pm
This program is extremely close to the original version of the Penn program that began in 1998. I was one of the beneficiaries… and it was the smartest thing I’ve ever done.
And no, I’m not a professor: I was an administrative assistant, making about $30,000 then. I’ve passed through a few job changes, salary reductions, and some periods of unemployment… and having this house has been a lifesaver for me. I’m not wealthy, and probably won’t ever be.