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Philadelphia to introduce low-interest loan system that may help residents fix aging houses

Philadelphia to introduce low-interest loan system that may help residents fix aging houses

Philadelphia officials on Wednesday announced the launch of a low-interest loan system targeted at supplying low- and middle-income property owners with funds to correct up their the aging process or deteriorating houses.

This program, called improve, Repair, Renew, will offer you Philadelphia residents with fico scores as little as 580 the capability to borrow up to $24,999 for ten years at an interest that is fixed of 3 %. The mortgage may be used for an array of house repairs, including mold and radon mitigation, screen and home replacement, and roofing and siding repairs — each of which should be finished by way of a contractor that is city-licensed. This system takes impact straight away.

The program’s launch, that was attended by Mayor Jim Kenney, City Council users, Philadelphia housing officials, as well as 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. Into the springtime of 2016, Clarke and Parker announced a proposition to issue a $100 million relationship, that they stated will be reduced by a rise in the town’s realty transfer taxation. Continue Reading