Pottstown Residency Program Update
In April 2017, the Foundation for Pottstown Education Board of Directors approved a new initiative to increase the number of employee-owned and occupied residences within the Borough of Pottstown by making homes more affordable. This initiative, the Residency Program, provides eligible applicants who work for the Pottstown School District, up to $10,000 in the form of a forgivable loan. The funds can be used for closing costs, down payments, or other expenses directly related to the purchase of property determined to be eligible for the program.
Shortly after the announcement of this program, the Foundation had two requests for information packets. The number of requests has since grown to six. One of the initial requesters has had her application approved and has closed on her new home.
Heather Kurtz, a second grade teacher at Lincoln Elementary School, applied for this program in May. She was approved for the loan and purchased her new home in Pottstown at the end of July. Heather’s new home is actually the house where she spent her childhood; she purchased the house from her parents. Now Heather and her family can continue making family memories in this same home.
Heather indicated that the process for the application was extremely easy and she is very happy in her new home in Pottstown.
The $10,000 loan will have 20% forgiven each year that the homeowner remains an employee of the Pottstown School District and lives in the residence as their primary home. After five years, the loan is completely forgiven. Should the employee move or leave the Pottstown School District, the remaining balance of the loan is then due to be paid back to the Foundation.