The Philadelphia Inquirer: "New Philadelphia loan program offers hope to residents with homes in disrepair"

Thursday, January 18, 2018

The Philadelphia Inquirer

By Caitlin McCabe

This summer, the city of Philadelphia will launch a $100 million initiative called the “Housing Preservation Loan Program.” Congratulations to Council President Darrell Clarke, as well as Councilwoman Cherelle Parker, the Healthy Rowhouse and other housing advocates in the Philadelphia metro area!

A feature of Housing Preservation Loan Program (much unlike a housing program implemented in Baltimore that used private lending loan pool) is that it draws from city resources and will provide low-interest loans at a 3% rate to thousands of its middle neighborhood residents with houses in disrepair. Currently, recent data from the U.S. Census Bureau finds that “more than 160,000 homes in the Philadelphia metro area experienced roof leaks. Nearly 120,000 had a crumbling foundation. At least 70,000 homes had mold.” And lastly, about 258,000 households reported experiencing many hours of “uncomfortable cold.” The Housing Preservation Loan Program will dole out up to $25,000 per applicant and contribute to other home-repair grant programs to alleviate the city’s housing problems.

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