Affordable homeownership has long been an elusive dream for many hardworking families, but a novel initiative by the City of Philadelphia is bucking this trend. The Turn the Key program, launched in 2022, is proving that smart policy design, public-private partnerships, and financial innovation can make affordable homeownership a reality.
Under the program, developers are working with the city to build 1,000 new homes on previously owned land at subsidized mortgages, facilitated by WSFS as the primary lender. Since its inception, WSFS has supported over half of these first-time homebuyers with more than 180 loans closed or approved as of October 2025.
Key features of the program include a second soft mortgage payment, offering below-market interest rates and grants to assist with down payments and closing costs. Price restrictions, income limits, and required homeowner counseling also play critical roles in ensuring that home ownership is not just a short-term gain but a pathway to lasting financial security.
Policy experts attribute the program's success to its ability to leverage land efficiently, layer financial assistance effectively, prioritize quality construction, and promote buyer education. The inclusion of municipal employees in the eligibility pool has broadened access to affordable homeownership, providing a vital safety net for those who serve the city.
The program's strength lies in its comprehensive approach, which aligns multiple initiatives into one cohesive model: expanding homeownership, revitalizing underused land, and fostering neighborhood stability. By integrating long-term affordability rules with financial education, Turn the Key ensures that home ownership is not a short-term fix but a sustainable path to lasting prosperity.
For families seeking to embark on this journey, practical steps include seeking financial education, exploring down payment assistance, and working with a lender who can tailor products to their long-term goals. The program also highlights the importance of public-private partnerships in making complex housing solutions work at scale.
WSFS, as one of the program's primary lenders, is proud to play a role in this initiative, envisioning a future where all communities thrive through partnerships like Turn the Key.
Under the program, developers are working with the city to build 1,000 new homes on previously owned land at subsidized mortgages, facilitated by WSFS as the primary lender. Since its inception, WSFS has supported over half of these first-time homebuyers with more than 180 loans closed or approved as of October 2025.
Key features of the program include a second soft mortgage payment, offering below-market interest rates and grants to assist with down payments and closing costs. Price restrictions, income limits, and required homeowner counseling also play critical roles in ensuring that home ownership is not just a short-term gain but a pathway to lasting financial security.
Policy experts attribute the program's success to its ability to leverage land efficiently, layer financial assistance effectively, prioritize quality construction, and promote buyer education. The inclusion of municipal employees in the eligibility pool has broadened access to affordable homeownership, providing a vital safety net for those who serve the city.
The program's strength lies in its comprehensive approach, which aligns multiple initiatives into one cohesive model: expanding homeownership, revitalizing underused land, and fostering neighborhood stability. By integrating long-term affordability rules with financial education, Turn the Key ensures that home ownership is not a short-term fix but a sustainable path to lasting prosperity.
For families seeking to embark on this journey, practical steps include seeking financial education, exploring down payment assistance, and working with a lender who can tailor products to their long-term goals. The program also highlights the importance of public-private partnerships in making complex housing solutions work at scale.
WSFS, as one of the program's primary lenders, is proud to play a role in this initiative, envisioning a future where all communities thrive through partnerships like Turn the Key.
The way they're combining subsidies with affordable mortgages and grants is genius. It's so easy for people to get caught up in the idea of homeownership but then realize they have no money for a down payment or closing costs. This program is making it feel like a realistic goal again, especially for first-time buyers. I've seen some families struggle just getting started because of these kind of barriers, so this is super welcome news! 
I just read about The Turn the Key program in Philadelphia and it's honestly giving me goosebumps! To think that with some smart planning and collaboration between devs, city officials, and lenders, you can make affordable homeownership a reality for so many people is truly inspiring 
. It's amazing to see how WSFS is supporting these first-time homebuyers with more than 180 loans already closed or approved 
. I think the second soft mortgage payment idea is pure genius - who wouldn't want below-market interest rates and grants to help with down payments? 
Let's hope more cities take note and follow suit! 
. This Philly program is the real deal - 1,000 new homes at subsidized mortgages? That's crazy talk! And WSFS is on board too? They're helping out with all these loans and grants... it's like they want people to be able to own a home without breaking the bank 
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I mean, who wouldn't want to live in Philly? The city's got history, grit, and now affordable housing? 
WSFS is doing some good stuff here, offering those first-time homebuyers a chance to own the American dream (minus the 'American' part). A second soft mortgage payment with below-market interest rates? That's like getting a free hug from your bank 
- who wouldn't want lower interest rates and some extra cash for closing costs? 
I mean, think about it: these first-time buyers are getting over 180 loans approved or closed as of Oct 2025 
! That's like, a whole lot of progress 
. WSFS being one of the primary lenders makes total sense 
!
The fact that WSFS has supported over half of these first-time homebuyers doesn't necessarily mean it's because the program is working, maybe they just want to get more loans out the door.
. It's not just about building homes, it's about building a community and providing stability for people who need it most.