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Jon Bon Jovi Secures Financing to Get Phase V Homeownership Under Way

Standing in front of vacant homes in north Philadelphia October 5, rock star and philanthropist Jon Bon Jovi announced financing for Project H.O.M.E.'s Phase V Homeownership project, which will renovate 15 historically significant yet deteriorated row houses along North 23rd Street. Joining him was former President Bill Clinton, showing support for Bon Jovi's philanthropic efforts, with U.S. Rep. Chaka Fattah (PA-2), a strong backer of affordable housing, among the special guests.

Phase V represents an innovative public/private partnership, with funds coming from both sectors, but it was Project H.O.M.E.'s long-standing relationship with Bon Jovi that made private-sector financing a possibility. Auto-maker Saturn Corporation, which has partnered with Bon Jovi on other community-focused initiatives, provided the financing needed to get Phase V off the ground.

FHLBank Pittsburgh has been part of the project since 2003, when it awarded $240,000 in Affordable Funding Program grants, delivered through member institution PNC Bank, to the project. During the announcement, Sister Mary Scullion, Project H.O.M.E. co-founder, personally thanked John Bendel, FHLBank director of Community Investment, for being a strong partner. Dave Buches, an FHLBank Community Investment manager, was on hand for the occasion.

"We are thrilled to partner with Jon Bon Jovi, The Philadelphia Soul, Habitat and Saturn," said Sister Mary. "Our collective talent and resources will expand our capacity and enable us to reach out to more families in need. This is another critical step forward for community revitalization in north Philadelphia."

Employing "green building" techniques, Phase V will renovate the three- and four-bedroom row houses into energy-efficient homes with Energy Star® appliances, then sell them to first-time homebuyers. One enthusiastic homebuyer will be Project H.O.M.E. employee Lynne Collins. A mother of three and previously homeless herself, she said the new home will truly be "a blessing," a new beginning for her family and a special place they can call their own.

In addition to securing project funding, Bon Jovi was also honored as the first-ever Habitat Ambassador of the new Habitat for Humanity Ambassador program in recognition of his work with Habitat. With Project H.O.M.E. efforts often aligning with Habitat initiatives, Habitat will assist with Phase V development and will spearhead the Phase VI development of new homes.

"These organizations have made 'homeownership through hard work' a reality," said Bon Jovi. "I've seen what a miraculous thing it is to hand someone the keys to a new home — not only a beautiful home that they can be proud to own, but a home that they've invested their own time, sweat and resources in."

Photograph courtesy of Harvey Finkle