A key part of URDC’s home repair program to low-income and senior homeowners is the offering of low-interest, non-collaterized loans that help pay for expensive exterior projects. In an effort to identify more bank partners to offer these loans, URDC has been working with FINANTA, a Community Development Financial Institution (CDFI) that facilitates access to capital and technical assistance in the Philadelphia region for entrepreneurial expansion, affordable home ownership, consumer borrowing, and community development.
In March, URDC met with FINANTA’s Advisory Committee composed of representatives from local Philadelphia banks. The banks were introduced to URDC’s mission and programs in northwest Philadelphia, as well as some success stories of homeowners who have benefited from URDC’s projects. A number of banks and institutions expressed interest in working with URDC, which will help expand the capacity of its highly successful home repair program.