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Programs participants must be a full-time, benefits eligible employee of the University of Pennsylvania or the University of Pennsylvania Health System (UPHS). 

Employees must have successfully completed the probation period, and are either United States citizens or permanent resident aliens.

PHOS programs are defined by specific boundary areas within West Philadelphia. The Forgivable Loans boundaries extend to the east side of 56th Street, from Market Street to Paschall Avenue.  The program also includes the residential housing across the street from Pennovation Works.  The border continues along the Schuylkill River and the northern boundary travels along Haverford Avenue, changing to Market Street at 44th Street.  The Closing Cost Reduction Program (CCRP) boundaries are City Line Avenue, Cobbs Creek Parkway, changing to 56th Street then again at Paschall Avenue, and includes the residential community across from Pennovation Works.  The program's boundary continues along the Schuylkill River. To view the boundaries of both programs, view the PHOS  map.

The program is open to both first-time home buyers as well those who have previously owned a home. There are no restrictions regarding the number of times you have owned a home; however, any home purchased through the PHOS programs must be your primary residence for a consecutive five-year period.

The Forgivable Loan Program is a five-year forgivable loan in the amount of $7,500, which can be used towards the following: closing cost, down payment, interest rate buy down, and home improvements, including energy retrofit/eco-products. For each year of the five years, one-fifth of the loan ($1,500) will be forgiven until the loan balance is zero at the end of the five-year period, provided that  the employee has maintained the property as his or her primary residence.  For more detailed information about obtaining a forgivable loan, click here.