Restore, Repair, Renew Annual Report
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!
Click here to view the report