Restore, Repair, Renew is a new initiative of the City of Philadelphia to help Philadelphia homeowners access low-interest rate loans to invest in their properties. Lenders participating in the program are offering 10-year, 3% fixed Annual Percentage Rate 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?*
* Additional underwriting (minimum eligibility) criteria: Borrowers must have a loan-to-value ratio at or below 105% of after rehab-value and a back-end debt-to-income ratio at or below 43%.
Income is calculated using gross income for all members of the household.
(Income guidelines subject to change annually)
What services are provided?
What repairs are eligible?
This program and the criteria and conditions thereof may be subject to future modification by the PRA. The definitive terms and conditions of any loan offered under the program will be set forth in fully executed loan documents. Unless and until such loan documents are fully executed, there shall be no contractual obligation for the lender(s) to provide any loan nor shall there be any liability whatsoever between and among the PRA, the lender(s) and any homeowner seeking a loan under the program.