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Philly's Healthy Rowhouse Project Adds a New Low-Interest Loan Program

Philadelphia seeks $60 million bond issue to preserve existing affordable homes and improve residents' health. City seeks to offer city loan guarantee to embolden lenders to extend credit to homeowners with lower credit scores.
November 29, 2016, 5am PST | [email protected]
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Tony Fischer

Philadelphia Council President Clarke and Mayor Jim Kenney will join the Healthy Rowhouse Project "in announcing their intention to launch a home repair loan program next summer, creating for the first time a renewable income source to help poor residents fix their houses," reports Roxanne Patel Shepelavy. 

"The loan program—up to $34,000, at low-interest—will be a radically new approach to affordable housing in the city, and one of only a few like it around the country. The goal is to preserve 'naturally-occurring affordable housing'—that is, housing that is affordable without any government subsidy."

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Published on Monday, November 28, 2016 in The Citizen
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