HATFIELD, Pa (October 2022) – Penn Community Bank, the largest mutual bank in eastern Pennsylvania, is contributing $15,000 to Habitat for Humanity of Montgomery and Delaware Counties (Habitat MontDelCo) in support of its Home Buying, Almost Home Financial Empowerment, and Neighborhood Revitalization Programs.
- The Home Buying Program serves residents earning 30-80% of the median income with significant housing needs. Habitat MontDelCo provides a low-interest mortgage and holds a silent second mortgage for the remainder of the homes’ appraised value. This is important as (1) it ensures that home values in the community are not negatively impacted by the subsidized sale price (2) it provides added wealth to the Habitat Homeowner after the mortgage is paid in full and the second mortgage is forgiven. Almost Home Financial Education helps residents learn crucial financial skills, understand their current financial situation, and set and work towards goals for financial stability. Almost Home is a no-cost, six-week course that meets twice a week for two-hour classes, and students are provided access to a volunteer financial coach.
- The Almost Home Program serves adults living and/or working in Montgomery and Delaware Counties. To date, 89% of participants are female head of household and 60% have a maximum education level of a high school diploma with some trade school training. A study from the National Bureau of Economic Research reports that 33% of wealth inequality is accounted for by disparities in financial understanding or knowledge, and there is a 46% gap in financial literacy between those with a high school diploma and those with a graduate degree.
- The Neighborhood Revitalization Program, which includes Habitat MontDelCo’s Critical Home Repair initiative, seeks to increase safety, civic engagement, resident quality of life, social cohesion, and economic development in our three Neighborhood Revitalization zones: Upper Darby, Norristown, and Pottstown.
About Penn Community Bank: Penn Community Bank holds more than $2.6 billion in assets, employs more than 300 people, and offers banking and lending services at 20+ bank branches and three administrative centers throughout Bucks and Montgomery counties, Pennsylvania. As an independent, mutual financial institution, Penn Community Bank is not publicly traded and operates with its long-term mission in mind: to help businesses grow and prosper, to provide financial resources to individuals and families throughout their lifetimes, to strengthen the local economy, and to partner with local organizations to act as a catalyst for positive growth in every market it serves.