PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
New Statewide Foreclosure Prevention Initiatives
The Pennsylvania Housing Finance Agency has launched two new initiatives —the REAL and HERO programs- to help homeowners who are in danger of losing their homes because they can’t make payments on unaffordable adjustable-rate mortgages or because they are victims of mortgage loan fraud and predatory lending.
REfinance to an Affordable Loan or REAL was designed to provide affordable 30 year fixed interest rates to homeowners facing a mortgage crisis. The program combines 100% financing with flexible credit underwriting. A network of 72 approved lenders originates, closes and sells the loans servicing-released to the Pennsylvania Housing Finance Agency. As of October 29, 2007, interest rates were 7.65% with no points and 7.375% with 1 point.
Homeowner Equity Recovery Opportunity or HERO loans are directly made by PHFA, which may negotiate with current mortgage-holders to reduce the amount owed on applicants’ properties. The mortgage interest rate is 7.95 percent. Credit counseling and financial management education are featured as part of the program, as is automatic electronic payment. Funding for the HERO program is limited. Loans are reviewed by PHFA on a case-by-case basis as funding levels permit. Interested consumers may contact PHFA for additional information by calling 1-800-822-1174 or by visiting http://www.phfa.org
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The Philadelphia Housing Trust Fund has raised nearly $80 million since September 2005 to expand housing opportunities for more than 6,000 Philadelphia families.
The CDC Tax Credit Program has fostered 35 partnerships between businesses and non-profits that is providing $60 million in new funding for CDC neighborhood economic development.
PACDC’s Member Services programming builds capacity of CDCs through technical assistance and training, sharing of best practices, networking, and promotion of the local CDC industry.
The local CDC industry generated $3.3 billion in economic impact in Philadelphia during the past 20 years.
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