Program Intermediaries for the Housing Preservation Loan Program
Posted by Philadelphia Redevelopment Authority on April 16, 2018
PRA Invites Proposals from Program Intermediaries for the Housing Preservation Loan Program
The Philadelphia Redevelopment Authority (“PRA”) is pleased to issue this Request for Proposals (“RFP”) from Program Intermediaries (“PIs”) interested in providing technical assistance to homeowners who participate in the Housing Preservation Loan Program (HPLP), a new program designed to support low-, moderate-, and middle income homeowners who are ineligible for traditional repair loans.
Program Overview
HPLP is a new initiative of the City that will be administered by PRA. The HPLP aims to increase access to low-interest loans for LMMI City residents who own homes in need of essential repairs. Evidence suggests that Philadelphia has a high number of homeowners who are not able to access capital for making essential home repairs. According to Home Mortgage Disclosure Act (HMDA) data, 20,966 Philadelphians were denied home repair loans between 2012 and 2016 due to their credit history. As a result, many homeowners are not able to get loans to make essential repairs, forcing them to live in homes with pathogens that may increase respiratory conditions, asthma, lead poisoning, and other health problems. In addition, these homeowners may suffer from other significant issues such as lack of accessibility, discomfort due to need for weatherization, and high energy bills due to inefficient mechanical equipment. The goals of the HPLP are:
1. Improve the livability and safety of homes with deferred maintenance issues;
2. Repair the city’s aging housing stock so that it contributes positively to the long-term growth of our communities; and
3. Provide access to low-cost financing, financial counseling, educational materials, and technical assistance for LMMI homeowners.
Deadline: Friday, May 25, 2018
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