Class completes house renovation

Four semesters of hard work have paid off for students in the Entrepreneurial Inner City Housing Markets class. The students celebrated their successful rehabilitation of a house located at 138 Peach Street with a ribbon cutting ceremony yesterday. The semester-long class emphasizes providing affordable housing for West Philadelphia residents. The students are responsible for the total renovation process which includes the purchase of the house,the carpentry, plumbing, painting, finding a buyer and financing the agreement. The house was purchased in the University's name for $7500 in 1990, according to class professor William Zucker. Materials and professional labor utilized in the rehabilitation process totaled $32,000. The house has been sold for $41,000. The University does not make a profit on these houses. "The object is to make houses available to people who normally could not afford to buy," Zucker said. "The interest and mortgage costs are cheaper than they normally would be." The buyer, Renee Joanna Whatley of Philadelphia, was located by an agency the students selected called Acorn Non-Profit Corporation. Acorn is a national organization which screens buyers and prequalifies themto ensure that they will be able to pay their mortgage. Whatley said she was happy with the students' rehabilitation efforts. "I wanted to buy a house and I am very pleased with this one," Whatley said. Yesterday's ribbon cutting ceremony began with remarks from the class's publicity director, Wharton senior Jessica Kostner. Kostner said that the completion of the house represented many semesters of hard work. She then introduced "the man who's most responsible -- the man with the vision, Dr. Zucker." "When we started this project we had no idea it was going to be this great for the students, the University and the community," Zucker said. "One of the great things you have to do at a University is not just book learning but learning how to live in a community." Hanley Bodek of Philadelphia Construction Company also spoke at the ceremony. Bodek said that there were many people responsible for the accomplishments of this class. Citing Zucker as the most responsible, Bodek presented him with a plaque from the Rehabilitation Class of 1992. The plaque reads, "Presented to William Zucker in appreciation of his leadership and success in establishing the nation's first university accredited housing rehabilitation program." The ribbon was cut by Zucker, Whatley, and Whatley's daughter. The ceremony ended with applause and champagne. Students involved with the rehabilitation project said the class was a valuable learning experience. Wharton graduate student Lynn Katz worked with the bank on the security appraisal for the house. "The experience was something real," Katz said. "I gained practical knowledge." College junior Ilan Markus said this is the third completed house, and the students are currently starting a fourth. "Working on the house is very rewarding and everyone is very excited to start on the new house," Markus said. According to College junior Marc Billings, the class consists of 40 students from the College, Wharton, and Engineering and includes both Wharton graduate students and architecture students. Billings explained that the students each work six hours per week on the house. The class itself meets two hours a week and there is a guest lecturer each session. "We did a lot of pretty cool stuff," Billings said. "I learned how to lay bricks." Philadelphia resident Mrs. Harris has lived on Peach Street for 40 years, right across from the newly renovated house. "When the previous owners moved into the house it was devastating," Harris said. "The house was not taken care of and it was bad for the morale of the community." Harris said she has been "watching with keen interest the work attitude of the students for the two years they have been working on the house." "The kids were really self-motivated." Harris said. "It is so heartening to get this uplift to the community. It was a real shot in the arm." Many of the students recommend the class to anyone interested in the subject.

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