Philadelphia officials on Wednesday announced the launch of a low-interest loan system geared towards supplying low- and middle-income home owners with funds to correct up their the aging process or deteriorating domiciles.
This program, called improve, Repair, Renew, will offer you Philadelphia residents with credit scores as little as 580 the capability to borrow up to $24,999 for ten years at a hard and fast interest of 3 per cent. The mortgage may be used for an array of house repairs, including mold and radon mitigation, window and home replacement, and roofing and siding repairs — all of these must certanly be finished by a contractor that is city-licensed. This program takes impact instantly.
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The program’s launch, that has been attended by Mayor Jim Kenney, City Council users, Philadelphia housing officials, additionally the program’s administrators, comes almost 36 months after City Council President Darrell Clarke and Councilwoman Cherelle Parker introduced legislation to pump cash into Philadelphia’s housing stock that is existing. Continue reading