Tag Archives: home repair loans

PHILADELPHIA CITY OFFICIALS AND PARTNERS ANNOUNCE NEW HOME REPAIR LOAN PROGRAM – Brad A. Molotsky, Esq.

Restore Repair Renew Home Loans Offered in Philadelphia – Brad A. Molotsky, Esq.

Earlier this morning Philadelphia City officials announced the new Restore Repair Renew (RRR) program. This program is a partnership between the Philadelphia Redevelopment Authority (PRA) and nonprofit service providers to offer affordable home repair loans of up to $24,999 to eligible homeowners.

Restore Repair Renew (RRR) was proposed by City Council, and created by PRA. This program is in support of the City’s goal of creating and preserving affordable, quality homes in neighborhoods where the markets are rapidly changing, and in stable neighborhoods at risk of decline. part of a wide-ranging effort to increase housing security for low-income people, working-class families, and seniors.

“The Restore Repair Renew program is a critical part of Council’s strategic plan to support equitable growth and inclusive neighborhoods throughout the City of Philadelphia,” Council President Darrell L. Clarke (5th District) said. “People with lower incomes shouldn’t pay proportionately more for basic home repairs and modifications, yet many do when the only financing options available to them are precious savings or high-interest credit cards. I’m grateful to our lending and nonprofit partners who recognize that people’s ability to maintain their homes and age in place helps keep neighborhoods stable and primed for investment.”

PRA selected three program intermediaries and two lenders to support this program. Clarifi, Philadelphia Council for Community Advancement (PCCA), and Public Health Management Corporation (PHMC) are the program intermediaries.

“For too long, government has overlooked the ‘middle’ — homeowners in working-class neighborhoods who are not poor enough for grant programs but who are also denied loans by big banks. This program provides an affordable tool for residents in middle neighborhoods and throughout our great city to preserve their most prized asset – their home. In order to stabilize neighborhoods, we need to invest in them now. As we know, an ounce of prevention is worth more than a pound of cure.”

“There is an undeniable correlation between physical and mental health and financial stability,” said Richard J. Cohen, President and Chief Executive Officer of PHMC. “Helping individuals access the funds to improve the safety and quality of their homes increases individual wellness, stabilizes neighborhoods and supports overall community health. We are proud to partner with the City and the Philadelphia Redevelopment Authority to assist local homeowners to maintain and improve one of their most important assets.”

The two lenders selected to take part are Univest and FINANTA.