Philly.com/Broke in Philly

Philadelphia officials on Wednesday announced the launch of a low-interest loan program aimed at providing low- and middle-income homeowners with funds to fix up their aging or deteriorating homes.

The program, called Restore, Repair, Renew, will offer Philadelphia residents with credit scores as low as 580 the ability to borrow as much as $24,999 for 10 years at a fixed interest rate of 3 percent. The loan can be used for a wide range of home repairs, including mold and radon mitigation, window and door replacement, and roofing and siding repairs — all of which must be completed by a city-licensed contractor. The program takes effect immediately.

Click here to learn more about Mission First’s PCCA’s involvement in Restore.Repair.Renew.