Philly homeowners can now access a program that has loaned over million for repairs.
Renee Blake’s experience as a new homeowner in Olney serves as a poignant illustration of the challenges many face in maintaining their properties. After purchasing her home in 2019, Blake encountered a persistent issue when a leak developed in her shower, causing significant damage to her kitchen. Despite her attempts to implement low-cost repairs, the leaks persisted, prompting Blake to realize that substantial work was necessary — specifically, a complete renovation of her bathroom. Unfortunately, the financial burden of such repairs was beyond her means.
In 2022, Blake turned to Philadelphia’s Restore, Repair, Renew program, which offers eligible homeowners access to low-interest loans ranging from ,500 to ,000 over a ten-year term. Thanks to this initiative, she was able to fully renovate her bathroom, addressing the underlying issues that had initially caused her distress. During a recent news conference, Blake shared her gratitude for the program, stating that without it, her options would have been severely limited.
The Restore, Repair, Renew program has made a significant impact in Philadelphia, with over 600 homes repaired and more than million disbursed in loans since its inception in June 2019. The loans can be utilized for various purposes including health and safety-related repairs, weatherization, accessibility modifications, and overall improvements to quality of life.
David Thomas, the president and CEO of the Philadelphia Housing Development Corp., emphasized that this program was established specifically to assist those whose income levels disqualify them from other forms of assistance while still preventing them from accessing standard bank loans. The average loan amount issued through Restore, Repair, Renew is approximately ,480, with borrowers paying an average of 8 monthly at a fixed interest rate of 3%.
This initiative aligns with Mayor Cherelle L. Parker’s Housing Opportunities Made Easy initiative, which aims to preserve 16,500 homes within the city. Mayor Parker underscored the importance of the program in maintaining and improving Philadelphia’s housing stock, stating that it plays a crucial role in ensuring the city’s blocks remain vibrant and well-maintained.
To qualify for the Restore, Repair, Renew program, applicants must own and reside in their primary residence, have a minimum credit score of 580, and must be current on their utility and tax payments. Notably, applicants can still earn a substantial income, with individuals earning up to 0,300 and households of three making up to 9,000 eligible for participation. The program has already aided many homeowners, with the average annual income reported at ,525, demonstrating its reach and adaptability to the needs of various residents.
For those interested in applying for assistance through Restore, Repair, Renew, information is available from the financial counseling nonprofit Clarifi, which can be contacted at rrr@clarifi.org or by calling 215-866-5200. As home repair challenges continue to rise, programs like these provide essential support for homeowners striving to maintain and enhance their residences amidst increasing economic pressures.
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