Restore, Repair, Renew is an initiative of the City of Philadelphia to help Philadelphia homeowners access low-interest loans to invest in their properties. Lenders participating in the program are offering 10-year, 3% fixed Annual Percentage Rate loans that range from $2,500 to $24,999 to eligible homeowners. Restore, Repair, Renew loans can fund a range of home repairs that focus on health, safety, weatherization, accessibility, and quality of life. The goal of the program is to help Philadelphians improve their homes and strengthen their communities.
Who can apply?*
Whose primary residence needs repairs
With credit scores above 580
Who are up to date on public utilities and taxes or are in a payment plan with the City
Who do not have L & I violations or will eliminate violations as part of the program
* Additional underwriting (minimum eligibility) criteria: Borrowers must have a loan-to-value ratio at or below 105% of after-rehab value and a back-end debt-to-income ratio at or below 43%.
What services are provided?
Help determining if you are eligible for the program
Receive financial counseling
Help identifying necessary repairs
Connect you to a participating lender
Help finding a contractor
Help applying for the loan
What repairs are eligible?
Repairs, improvements, and upgrades related to health, safety, and quality of life
Roof, siding, foundation, and masonry
Sidewalk and driveway resurfacing/replacement and outside stair repair
Window and door repair and replacement
Adaptations that allow for easier access to and mobility within a home
Fixtures, plumbing, sewer and waterline repairs and replacements
HVAC system and water heater repair or replacement
Treatments related to lead-based paint
Mold and radon mitigation