Citadel Launches $6 Million Homebuyer Assistance Program to Expand Access in Underserved Philly Neighborhoods

EXTON, Pa., Aug. 6, 2025 /PRNewswire/ -- Citadel Credit Union today announced the official launch of its Home Help Program, a new initiative aimed at increasing access to home ownership in eligible communities across Philadelphia County. The program provides up to $18,000 in down payment and closing cost assistance for eligible homebuyers. During its soft launch this summer, the program awarded $134,000 in grants, supporting $1.6 million in home financing as part of $6 million investment in community lending.

The launch marks a significant step in Citadel's growing commitment to the Philadelphia region, where the credit union will open a new branch in early 2026. As a not-for-profit, member-owned financial institution, Citadel is dedicated to helping local families achieve long-term financial stability, enabling them to fully enjoy the benefits of homeownership, from building equity to managing monthly costs with confidence. The Home Help Program is supported by a $6 million loan subsidy fund designed to increase access to home mortgage, refinance, and improvement loans in majority-Black and Hispanic neighborhoods.

"Home Help is dedicated to serving the Philadelphia community by helping more residents achieve the dream of homeownership," said Lisa Albany, Vice President of Real Estate at Citadel Credit Union. "Through targeted grants and assistance programs, we're making homeownership more accessible and affordable, helping individuals build stronger futures and contributing to the long-term strength of our neighborhoods."

Program Highlights:

• Backed by a $6 million loan subsidy fund to expand access to affordable home financing
• Up to $18,000 in assistance for purchase, refinance, or improvement of a primary residence in qualified communities
• Available for owner-occupied homes (single-family, condominium, or planned unit development)
• Homes must be located in eligible majority-minority neighborhoods in Philadelphia County
• Open to all qualified borrowers – not limited to first-time buyers
• Eligible for purchase money or rate-term refinance of Citadel mortgages
• May be combined with other grants, seller assistance, or subordinate financing

Citadel Commits $6 Million to Community Lending Fund

To support these efforts, Citadel has appointed Evan Richman as its Community Lending Officer. Richman has over 15 years of experience in mortgage lending, grant navigation, and community engagement, and will serve as a key connector between Citadel and Philadelphia communities.

"Having spent my career helping families navigate the path to homeownership, I know how life-changing it can be," said Richman. "At Citadel, I'm focused on building relationships in majority-minority communities, connecting residents with resources, and leading outreach initiatives that turn financial education into action."

Richman will collaborate with local elected officials, real estate professionals, the Affordable Housing Centers of Pennsylvania, the National Association of Hispanic Real Estate Professionals, and other nonprofit organizations to promote sustainable homeownership throughout Citadel's service area, with a strong emphasis on Philadelphia.

A Broader Commitment to Community Impact

The Home Help program is part of Citadel's ongoing mission to support long-term financial wellness for its members and make homeownership more accessible across diverse neighborhoods.

Citadel partners with a growing network of local organizations to deliver financial education, promote affordable housing, and expand community outreach, including Women's Opportunities Resource Center, the Urban Affairs Coalition, the Urban League of Philadelphia, the Philadelphia Housing Development Corporation, and Rebuilding Together Philadelphia. These partnerships play a vital role in reaching underserved residents, delivering trusted guidance, and connecting families to essential homeownership resources.

A comprehensive outreach campaign, encompassing digital channels, direct mail, in-branch signage, and nonprofit collaborations, will continue to expand awareness and impact throughout the region in 2025 and beyond.

To learn more, visit the Citadel website.

About Citadel Credit Union
Citadel Credit Union is a not-for-profit, member-owned financial institution that provides banking, investments, and insurance services to more than 270,000 members. At $6.4 billion in assets, it is one of the Greater Philadelphia area's largest credit unions, proudly serving residents of Bucks, Chester, Delaware, Lancaster, Montgomery, and Philadelphia counties. Citadel is recognized as a Newsweek and Plant-A Insights Group 2024 America's Best Regional Banks and Credit Unions, 2023 Fortune Recommends Best Credit Union, Forbes 2022 Best-in-State Credit Union, and a certified 2024 Great Place to Work. For more information, visit CitadelBanking.com.

SOURCE Citadel Credit Union