Rental Improvement Fund (RIF)

Philadelphia Housing Development Corporation (PHDC) offers loans for small property owners owning no more than 15 units across no more than 5 properties are eligible for full forgiveness or a preferable 0% interest rate if landlords meet program affordability requirements during the loan term. Loan amount must be between $10,000 and $24,000 per property. Term is 10 years. Forgiveness schedule: The loan will be forgiven 20% annually beginning in Year 6 if affordability requirements and other conditions are met. If not met, the interest rate is 4%.

Loan proceeds can be used for any repair that addresses a safety, health, habitability, energy or water efficiency, concern. Landlords must be able to produce a tax compliance certificate. Vacant properties must have a rental license. Properties must be able to comply with the building code after RIF-funded repairs are complete, which means the cost of all essential repairs must fit within the RIF loan amount.