In March, the City of Philadelphia’s low interest loan program for which Clarifi is a program intermediary, Restore, Repair Renew (RRR) celebrated it’s one year anniversary. The City just released its first Annual Report on the program.
The program helps homeowners in Philadelphia access low-interest loans, current fixed rate is 3% APR for 10-years, to invest in their properties. Clarifi helps and advocates for the clients as they go through the eligibility, loan application and construction phases of the program. In the first year:
Annual Report Highlights:
- RRR has a 53% approval rate (compare that to the 25% approval rate on the private market in Philadelphia )
- The average RRR borrower’s income is 60% of Area Median Income, and 84% of RRR borrowers are minorities.
- The total amount of RRR loans closed or preapproved is $2.7M! (which is pretty good for one year)
- Our borrowers have a 0% default rate, and an extremely low delinquency rate. We have proven that Philadelphia’s low- and moderate-income homeowners are a safe bet.
- And last, but certainly not least, RRR has provided assistance in every Council District in the city!