PHILADELPHIA (KYW Newsradio) — If you’re a Philadelphia homeowner who needs to make repairs, the Philadelphia Housing Development Corporation has restarted a program that could offer an affordable solution.
Restore, Repair, Renew re-launched this week with some ambitious new goals. It began in 2019 but got hit hard by the COVID-19 pandemic which led to a construction shutdown, supply chain issues, and labor shortages. PHDC CEO Dave Thomas said the agency hit the reset button.
“We used that time to rethink the program, based on some of the questions and concerns that we heard from the residents,” said Thomas.
Armed with that feedback, the program relaunched with fewer steps, a higher loan cap, an extended loan period, a minimum credit score under 600 that normally would make it harder to borrow money, and more favorable terms including loans up to $50,000.
“3% interest, 10 years to repay,” said Thomas. “Now I know you’re not going to find that anywhere.”
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PHDC is making loans eligible for repairs focused on accessibility, health, quality of life, safety and weatherization. Homeowners can apply if they are repairing their primary home, if they are up to date on taxes and public utilities or are in a city payment plan, have no L&I violations or will eliminate violations if they enter the program, and have homeowners insurance.
Income eligibility to enter the program is higher than in many low-interest programs. A family of four can have a maximum household income of $126,500.
Restore, Repair, Renew’s theory is that helping homeowners keep properties in top condition can shore up middle-income neighborhoods.
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John King, from Mt. Airy, borrowed $25,000 through the program to make what he called badly-needed renovations to his kitchen.
“I have 20 magazines of kitchens that I was just planning for two or three years,” said King. His kitchen is now a marvel of stainless steel and granite, thanks to the Restore, Repair, Renew loan.
“I have my dream kitchen, and I’m ecstatic,” King added.
“His smile is all I really needed to tell me how successful it was for him,” said Thomas. “I want to see more smiles like that throughout Philadelphia.”
Residents can apply through Clarifi financial counselors. Click here for more information.
Thomas said PHDC hopes to provide 500 loans this year.
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The restart of Repair, Restore, Renew comes as legislation by state Senator Nikki Saval, D-Philadelphia, to start the Whole Home Repairs Fund through the Department of Community and Economic Development advanced through the Senate Urban Affairs and Housing Committee.
The legislation would help fund emergency and basic home repairs, offer assistance and case management for homeowners needing to make comprehensive repairs, and offer support for job seekers enrolled in workforce development programs.
Saval’s bill is not yet scheduled for votes in the full state Senate or House of Representatives.