The dream of owning a home is slipping away from many hardworking families. Home prices have outpaced wages and housing availability remains limited with the average home price in the greater Philadelphia area coming in at $390,000 according to Bright MLS, making it extremely difficult for first-time home buyers to enter the market. However, the City of Philadelphia has taken this challenge on with its Turn the Key program, an initiative proving that with smart policy design, public-private partnership, and financial innovation, affordable homeownership can be within reach for first-time buyers.
How Turn the Key works and why it matters
As part of Philadelphia Mayor Cherelle Parker’s plan to create and preserve 30,000 housing units in the city, the Department of Planning and Development launched the Turn the Key program in 2022. Its mission is to build 1,000 new homes for first-time homebuyers on previously city-owned land which is now in the hands of developers offering subsidized mortgages. WSFS has served as a primary lender, providing financing that enables participants to secure mortgages and own homes through the Turn the Key program.
“We see this as an opportunity to bring some much-needed relief to the people of Philadelphia,” said Dave Thomas, President and CEO of with the Philadelphia Housing Development Corporation. “We are grateful for partners like WSFS who assist these new homeowners in bringing their dreams to life.”
Beyond lending, the WSFS Mortgage team works with first-time buyers to guide them through each step of the homebuying process, from prequalification and credit education to closing. Since Turn the Key’s launch, WSFS has supported more than half of these new homeowners with more than 180 loans closed or approved as of October 2025, helping make homeownership more accessible for Philadelphia’s residents.
The program’s central features include a second soft mortage payment, offering below-market interest rates and grants to assist with down payment and closing costs; development on city-owned lots; price restrictions and income limits; and required homeowner counseling from the city on topics like budgeting, maintenance, and credit.
Turn the Key’s strength is in its ability to align multiple initiatives into one cohesive model: expanding homeownership, revitalizing underused land, and fostering neighborhood stability. By tying home ownership opportunities to long-term affordability rules and financial education, the program ensures home ownership is not a short-term gain, but a pathway to lasting financial security and stronger communities.
Unwrapping the Layers of Policy Success
Since its launch, Turn the Key, as of October 2025, has created nearly 570 homes, with just under 990 additional homes in the construction process and nearly 320 homes sold or under contract. Several policy design components have been critical to this success:
• Land leverage: Using city-owned land or underused city parcels dramatically cuts development costs when sold at a reduced rate to developers, lowering the final purchase price for buyers.
•Layered financial assistance: The soft second mortgage of up to $75,000, combined with additional grants (e.g. closing cost assistance), help reduce equity and down payment barriers that often keep families with steady income but not much savings from qualifying.
•Quality and location: Building homes that are energy efficient, well-constructed, and in desirable neighborhoods supports pride of ownership and contributes to long-term stability.
•Mandatory buyer education: Education on budgeting, maintenance, and credit prepares new homeowners for the real costs of ownership, reducing the risk of default or unexpected financial burdens.
•Eligibility & equity focus: In addition to first-time homebuyer, income, and education requirements, the program prioritizes municipal employees—broadening access to affordable ownership and strengthening pathways to long-term stability for those who serve the city.
•Balancing scalability and accountability: Clear production targets, data tracking, and public dashboards make the program easier to manage, improve, and replicate.
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The Blueprint for Change
Turn the Key demonstrates that affordable homeownership is possible when public land, layered subsidies, quality construction, and strong buyer education are integrated in a coordinated way. It also highlights the vital role of public-private partnerships—bringing together city leadership, community organizations, and lenders like WSFS—to make complex housing solutions work at scale. For families, the program underscores practical steps to prepare for homeownership: seek financial education, explore down payment assistance, and work with a lender who can tailor products to your long-term goals. For cities, Turn the Key highlights how vital public-private partnerships are in making complex housing solutions work at scale.
At WSFS, we believe stable homeownership is foundational: for families, neighborhood vitality, and economic equity. Turn the Key is more than a housing program; it’s a blueprint for change. We’re proud to participate as a lender, help finance construction, shape lending products, and support homebuyers in Philadelphia.
“WSFS is proud to serve as the premiere lender for this program and assist hundreds of people to achieve their goal of homeownership,” said Chris Flynn, Vice President, Mortgage Loan Officer at WSFS. “We envision a day when all communities thrive and partnerships like this get us one step closer to that goal.”
If you are interested in getting started with this program, contact Joe Hallinan, Vice President Regional Sales Manager or Chris Flynn. If you have any other questions about the home buying process, reach out to one of our other WSFS Mortgage Associates.
About Jeffrey M. Ruben
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Jeffrey M. Ruben is the President of WSFS Home Lending. Jeff joined WSFS through its acquisition of Array Financial, a full service mortgage banking organization, and Arrow Land Transfer in August 2013. Jeff formed Array and Arrow in 2005, having previously held senior executive roles at financial and legal institutions. Jeff is also a licensed real estate attorney.
Through Jeff’s leadership, WSFS Mortgage has achieved year-over-year growth serving a wide range of clientele, from first time homebuyers to self-employed individuals to high net worth clients. Prior to forming Array and Arrow, Jeff served as Executive Vice President of American Business Financial Services, a publicly traded national mortgage lender.
Jeff received his Bachelor of Science from The Pennsylvania State University, Schreyer Honors College and his Juris Doctorate from Temple University School of Law. Jeff is a member of the Pennsylvania and New Jersey Bar and currently serves as a member for the Citizens Audit Review & Financial Advisory Committee of Radnor Township, Pennsylvania. Jeff lives in Bryn Mawr, PA with his wife and two children.