HomeSixers Scholarship, William Penn Foundation to Promote Home Ownership in North Philly

Sixers Scholarship, William Penn Foundation to Promote Home Ownership in North Philly

As part of Harris Blitzer Sports & Entertainment’s commitment to racial equality, the Philadelphia 76ers are helping promote home ownership and wealth creation in the Sharswood division of Philadelphia.

The Sixers awarded a $100,000 grant to Clarifi Financial Services Agency on Monday, according to a statment from the team. The grant was matched by the William Penn Foundation’s Family Recovery Fund, bringing the total to $200,000.

The funding will help provide community counseling, transitional housing, displacement counseling, home repair assessments and give affordability to homeowners making repairs to their homes, Sixers said.

Along with the grant, the Sixers Harris Blitzer property group has previously invested in Sharswood Ridge, a mixed-use development near Jefferson Street and Ridge Avenue that began in October 2020. In collaboration with the Philadelphia Housing Authority and Mosaic Development Partners, charswood ridge It will include 98 mixed-income rental units, a bank, a supermarket, a restaurant, and an urgent care center.

Clarifi, founded in 1966, is a financial agency that works with residents of Philadelphia and Delaware counties to advance financial literacy and offer plans for people looking for help buying a home, repairing their home, or avoiding eviction or foreclosure.

The company provides step-by-step advice to clients, and through their partnership with Lower North Philadelphia Community Development Corp. Working in conjunction with PHA, Clarifi has been able to provide these services to a larger community of customers.

Clarifi CEO Steve Gardner added to the Sixers statement on the grant, noting that “home ownership is one of the very few sustainable ways in which families, especially families of color, have to build and pass on wealth to the next generation.”

As I mentioned Pew Charity FundsMortgage rates for Philadelphia homeowners are lower, on average, than most other cities in the United States. Clarifi’s mission to combat displacement and promote home ownership may help ease the tension caused by rising rental prices in communities across the Philadelphia area with a new development.

“Over the past decade, North Philadelphia, which is home to many of the city’s low-income residents, has experienced a greater increase in rents and cost burden…than any other section of the city,” according to the Pew Center.

Sherswood is one of the city’s poorest neighborhoods, according to Darneta Arcy, executive director of the LNPCDC. “(LNPCDC) empowers residents with the tools to understand their value for affordable housing, build financial stability, and build a legacy of wealth in order to keep black communities vibrant,” the Sixers said in a statement.

By using the grant to promote home ownership and provide housing advice in the Sharswood area, Clarifi and its partners hope to help mitigate the risk of population displacement through foreclosures, evictions or increased housing costs.