Small Landlord Loan Program (SLLP)
Posted by Philadelphia Redevelopment Authority on September 3, 2018
PRA Invites Proposals from Lenders for the Small Landlord Loan Program (SLLP)
Deadline: Friday, October 12, 2018 – 3:00pm
Contact Person: RFP@pra.phila.gov
The Philadelphia Redevelopment Authority is pleased to issue this Request for Proposals for financial institutions to carry out the origination and servicing of loans as part of the Small Landlord Loan Program.
PRA is launching the Program to increase capital to small landlords and preserve naturally occurring affordable rental housing in Philadelphia’s low-income neighborhoods. PRA invites proposals from Lenders interested in providing loans and technical assistance to landlords that own a total of four (4) or fewer units that need health and/or safety-related repairs. This Program is funded in-part with support from the Pennsylvania Housing Finance Agency (“PHFA”). As a result, all loans must be made to properties with rents that are affordable to households at or below 100% of Philadelphia County Area Median Income (“AMI”) with one third of these loans to properties leased at rents affordable to households at or below 50% AMI.
PRA will support the Program by providing the selected Lender or Lenders with a loan loss reserve fund (i.e. a repayment guarantee) that covers 100% of losses on 20% of the total loan portfolio in addition to a technical assistance fee. PRA anticipates selecting one or more Lenders from this RFP. This program will be implemented in partnership with the Philadelphia Department of Licenses & Inspections (“L&I”), the Philadelphia Department of Public Health (“PDPH”), and the Philadelphia Fair Housing Commission (“PFHC”).
This Program seeks to overcome this market challenge and provide a new financing instrument in support of the preservation of naturally occurring affordable housing, i.e. non-subsidized rental units that were not constructed with federal subsidies. The goal of the Program is to support the preservation and repair of rental housing units that are affordable to tenants earning below 50% or 100% of area median income. Data demonstrates that Philadelphia has a significant number of affordable rental properties that need repairs to close open code violation and smaller multifamily landlords have identified challenges obtaining capital to make these repairs.
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