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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