3401 Walnut St. Ste. 440 A

Philadelphia, PA 19104-6228

For Home Improvements

Eligible employees can receive up to $7,500 (with no interest and no monthly payments) for use towards home improvements including energy audits or retrofit.

Forgivable loan funding that is used for home improvements is a reimbursement and is not retroactive.  Reimbursements can be made directly to employees for items purchased within the appropriate time period or for deposits on contractors' projects. 

  • The forgivable loan funds will be held by the PHOS office and will need to be drawn down by the employees within a year of receiving the loan.  Please contact the PHOS office for additional details regarding this process.
  • The forgivable loan has a forgiveness period of five years.  The employee will need to stay in the home as his or her primary residence for a total of five years, at the end of which time the loan will be completely forgiven. There will be no payments or interest during the five year forgiveness period, should the home remain as your primary residence.
  • The forgivable loan will be a lien against your property and will be recorded with the City of Philadelphia. After a period of five years, the lien will be removed. 
  • A borrower must meet minimum credit requirements to qualify for a forgivable loan. The availability of forgivable loans is subject to the program's annual funding limitations.  The final decision regarding eligibility in the Forgivable Loan Program is at the discretion of Penn Home Ownership Services.
  • A deed restriction will be placed on the property in perpetuity that limits the property use to residential, single-family, owner-occupancy only.  With this restriction, the property cannot be used or converted to use for rentals (exceptions are made for duplexes or a temporary leave due to University-related sabbatical). The deed restriction stays permanently with the property and will transfer to future owners (e.g. in the event of a sale).
Acceptable type of home improvements are broad in scope and include:







Large Appliances



Energy Audit







Asbestos Removal

Radon Removal

Lead Reduction



These forms facilitate reimbursement of home improvements to an individual borrower:
  • Completed W9 (if not already in the BEN system)
  • Invoice/Estimate/Receipts
  • Before and After Photographs
  • Completed Exhibit A (with original signature)