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.