I was glad to read about the State College Borough Homestead Investment Program aimed at restoring a balance between owner- and renter-occupied homes in the neighborhoods near campus. This is a good idea.
Missing from the story was any reference to participation by Penn State. Is there none?
Other universities have taken active roles in helping faculty and staff to purchase homes near campus. One goal is to stabilize the neighborhoods that the universities recognize to be in their interest. Another is to help with faculty and staff recruitment.
Drexel University in Philadelphia has done some of this. Yale University’s New Haven Homebuyer Program has helped more than 1,000 faculty and staff to buy houses in New Haven since 1994. Typically, such programs offer lower-interest loans and/or help with closing costs.
Never miss a local story.