Clarifi’s Jill Roberts, Director of the Healthy Rowhouse
Project, was awarded with a Greater Philadelphia Social Innovation Award for
Community Development for the work she and Clarifi have done to preserve homes,
prevent displacement by gentrification and help close the wealth gap in
Philadelphia.
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.
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! We are proving 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!
