Mayor Cherelle Parker said Philadelphia is on track to offer an affordable mortgage program by the end of the year.
Parker told an event hosted by the news site Axios that Citizens Bank has already stepped up to the plate, and the city is in talks with other banks.
The 30-year loans would come with lower interest rates, a 3% cap on down payments, and no private mortgage insurance.
Philadelphia would become the first city in the country to offer this model.
(Photo credit: Byron Purnell III/City of Philadelphia)
