The Rental Improvement Fund offers two loan products:
Loan Option 1: $25K/10Y
- Loan amount: $10,000-$24,999 per property
- Loan term: 10 years
- Only one RIF loan is allowed per property
- Forgiveness schedule: The loan will be forgiven 20% annually beginning in Year 6 if conditions are met.
- Unoccupied rental properties must have an active rental license.
Loan Option 2: $50K/15Y
- Loan amount: $25,000-$50,000 per unit
- Loan term: 15 years
- Only one RIF loan is allowed per property
- The loan has a 0% interest rate if program requirements are met during the loan term.
- Monthly payment will start in Year 2.
- Unoccupied rental properties must have an active rental license or one that expired within the last 2 years.
- Loan underwriting: Properties must have a Debt Service Coverage Ratio above 1.2
The Rental Improvement Fund will lend a maximum of $100,000 to a single landlord.
Application Process
First:
Second:
Gather required application materials. In addition to repair estimates and current leases, you’ll need the following RIF forms:
(only for $50k/15Y loan applications)
Third:
Contact us with questions about the program, by email or call 215-448-3006 to leave a voicemail and receive a call-back within 1-2 business days.
Download the Rental Improvement Fund flyer 7 12 23