In partnership with the City of Philadelphia and Philadelphia Redevelopment Authority (PRA), PCCA presents Restore, Repair, Renew, a new initiative to help Philadelphia homeowners access low-interest loans to invest in their properties. Lenders participating in the program are offering 10-year, 3% fixed interest loans that range from $2,500 to $24,999 to eligible homeowners.
Restore, Repair, Renew loans can fund a range of home repairs that focus on health, safety, weatherization, accessibility, and quality of life. The goal of the program is to help Philadelphians improve their homes and strengthen their communities.
WHO CAN APPLY?*
- Whose primary residence needs repairs
- With credit scores above 580
- Who are up to date on public utilities and taxes or are in a payment plan with the City
- Who do not have L&I violations or will eliminate violations as part of the program.
Additional underwriting (minimum eligibility) criteria: Borrowers must have a loan-to-value ration at or below 105% of after rehab-value and a back-end debt-to-income ration at or below 43%.
WHAT SERVICES ARE PROVIDED?
- Assistance determining if you are eligible for the program
- Receive financial counseling
- Get help identifying necessary repairs
- Connect you to a participating lender
WHAT REPAIRS ARE ELIGIBLE?
- Roof, siding, foundation, and masonry
- Sidewalk and driveway resurfacing/replacement and outside stair repair
- Window and door repair and replacement
- Adaptations that allow for easier access to and mobility within a home
- Fixtures, plumbing, sewer and waterline repairs and replacements
- HVAC system and water heater repair or replacement
- Electrical repairs
- Treatments related to lead based-paint
- Mold and radon mitigation
- And other health and safety related repairs
INTERESTED IN THE PROGRAM?
Contact Aaron Williams at (215) 567-7803 Ext. 2135 for more information on how you can start improving your house and adding value to your home.