Rental Improvement Fund

Project Description

The goal of the Rental Improvement Fund (RIF) is to increase access to credit for small landlords and to improve the quality and affordability of rental housing in Philadelphia.

Early in 2021 the Urban Land Institute (ULI) and the Division of Housing and Community Development (DHCD) convened a NOAH Study Visit. Eight local and national experts met with more than 40 local stakeholders. They collected the most promising strategies for preserving and improving NOAH. One of these was to support small landlords through low-cost repair loans. PHDC’s Rental Improvement Fund and Working Capital Loan Fund is a good starting point. Read ULI’s full Report on Preserving Philadelphia’s Naturally Occurring Affordable Housing.

Program Details

  • Landlords (and associated entities) must have no more than 10 units of rental housing in their portfolio.
  • Landlords can receive loans of up to $24,999 with a term of up to 10 years.
  • All tenants in the units receiving repairs funded by the loan must have household incomes of 100% or less of area median income (see charts).
  • One-third of tenants in the units receiving repairs funded by the loan must have household incomes of 50% or less of area median income (see charts).

The first phase of this program will take place in the following zip codes: 19120, 19122, 19124, 19125, 19133, 19134, 19137, and 19140. For more information and to apply, please visit: impactservices.org/rental-improvement-fund/, or contact: Loan@impactservices.org, or call: 215-974-0900.

Pilot Area Map with Zip Codes

Read the PHDC press release

Income Guidelines

All loans made through this program must support improvements to units rented to households at or below 100% of AMI.

One third of loans must be used to improve units leased to tenants at or below 50% of AMI.