A new, city-wide Rental Improvement Fund aims to help stabilize Philadelphia’s stock of affordable housing by providing forgivable and low-interest loans to small landlords to make needed repairs to their properties while keeping rents reasonably priced, writes Aaron Moselle for the WHYY.
The $9 million program offers ten-year forgivable loans of up to $24,999 per property as well as fifteen-year zero percent interest loans of up to $50,000 per unit. The maximum loan a single landlord can receive is $100,000.
These funds can be used to fix roofs, windows, and doors, as well as for asbestos, mold, and lead remediation. Electrical and plumbing improvements can also be made, among other repairs.
“The pandemic is in the rearview mirror maybe, but we’re still living with inflation and skyrocketing construction costs,” said City Councilmember Jamie Gauthier. “And we know that mom-and-pop landlords have been really struggling. And if we let them go under, the affordable housing goes under and families go under.”
The program is available to landlords who have a maximum of five rental properties and no more than 15 rental units.
Read more about the Rental Improvement Fund in the WHYY.