Philadelphia preserves affordable housing by investing $40 million into a new Housing Preservation Loan Program that will provide low interest loans of as much as $25,000 to fix up aging homes.
"Starting this summer, the city is launching a low-interest loan program that aims to give homeowners as much as $25,000 to fix up their aging homes," reports Caitlin McCabe.
"The initiative — born out of city legislation passed in 2016 and called the Housing Preservation Loan Program — aims to give residents who have struggled to get loans a new chance at borrowing. For years, homeowners who had less-than-perfect credit scores — and who were not eligible for city grants — were forced to sideline major repairs, worsening their home’s problems."
More information is reported in the source article.
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