Want to Stay in Your Philadelphia Home? But It Needs Repairs?
Selling your house is not always the answer.
If you like your Philadelphia home and want to stay there, but the roof, plumbing, electrical system, heating, windows, masonry or other repairs are starting to pile up, there may be another option worth knowing about.
What Is Restore, Repair, Renew?
Restore, Repair, Renew (RRR) is a City of Philadelphia initiative designed to help eligible Philadelphia homeowners access affordable financing for needed home repairs.
Participating lenders currently offer loans from $2,500 to $50,000, with a 10-year term and 3% fixed APR. The final loan amount must include a 10% contingency.
What Kinds of Repairs Can It Cover?
The program can be used for a wide range of repairs involving health, safety, accessibility and quality of life, including:
- Roofing, siding, foundations and masonry
- Windows and doors
- Plumbing, sewer and water lines
- Heating, cooling and water heaters
- Electrical repairs
- Accessibility and mobility modifications
- Sidewalks, driveways and exterior stairs
- Lead-paint treatment
- Mold and radon mitigation
Who May Qualify?
The home must be your primary residence in Philadelphia and need repairs. The program also has income and underwriting requirements. Current basic requirements include a credit score above 580, homeowners insurance, and being current on public utilities and taxes or enrolled in an approved City payment plan.
One thing that may surprise people is the income limit. Current maximum gross household income is $103,100 for one person, $117,800 for two people, $132,550 for three people and $147,250 for four people, with higher limits for larger households.
There are additional requirements involving debt-to-income, loan-to-value and other underwriting, so meeting the income limit does not automatically mean a homeowner will qualify.
You Do Not Have to Figure Everything Out Yourself
This is one of the things I like about the program. Restore, Repair, Renew includes help determining eligibility, financial counseling, identifying necessary repairs, connecting with a participating lender, assistance finding a contractor and help with the loan application.
Maybe You Don’t Need Another House
I am a Realtor®, so of course I can help someone sell a house. But selling is not automatically the right answer.
If you really want to stay in your home and the problem is simply that the house needs work, it makes sense to find out whether repairing it is a realistic option before deciding that you have to move.
Sometimes you don’t need another house. You need to fix the one you already have.
And even when staying instead of selling is not financially in my favor, I would rather you know the option exists. Doing the right thing is still the right thing.
Where to Learn More
Program requirements can change, so always check the current information directly with the Philadelphia Housing Development Corporation before making a decision.
Restore, Repair, Renew — Official PHDC Program Information
To apply, PHDC currently directs homeowners to Clarifi. The RRR program page provides the current application information and contact details.
Understand your options before you make your decision.