Philadelphia officials are expected to announce Wednesday afternoon the launch of a low-interest loan program aimed at providing low- and middle-income homeowners with funds to fix up their aging or deteriorating homes.
The program, called Restore, Repair, Renew, will offer Philadelphia residents with credit scores as low as 580 the ability to borrow as much as $24,999 for 10 years at a fixed interest rate of 3 percent.
The program’s launch comes nearly three years after City Council President Darrell Clarke and Councilwoman Cherelle Parker introduced legislation to issue a $100 million bond to fix the city’s aging housing stock.
As part of the bond proposal, $60 million of the $100 million package went toward alleviating massive backlogs in pre-existing Philadelphia home-repair programs, such Adaptive Modifications and the Basic Systems Repair.
The remaining $40 million was earmarked for the Restore, Repair, Renew program, which will be housed under the Philadelphia Redevelopment Authority. Applicants must have no public liens or L&I violations, use the house as their primary residence, and have homeowner’s insurance. Applicants must also have a credit score of at least 580.