| CITY OF PHILADELPHIA: NEIGHBORHOOD TRANSFORMATION INITIATIVE |
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Release 2002 11/27/02 Posted on Wed, Nov. 27, 2002 - Opinion Page, Philadelphia Daily News IN A RECENT weekly radio address, Mayor Street touted several new public-private partnerships as vital components of his Neighborhood Transformation Initiative (NTI), the mayor's plan to remove blight and rebuild communities across Philadelphia. One of the ventures he discussed - and which is at the core of the NTI project - is the expanded Philadelphia Home Improvement Loan program, an unrivaled loan plan that has catapulted public-private endeavors to a new level. The loan program represents an exemplary partnership involving the Philadelphia Redevelopment Authority, NTI and PNC Bank, as well as three other area banks - Citizens, First Union and Fleet. In addition, Clear Channel Outdoor has donated hundreds of thousands of dollars in billboard advertising space to help spread the message about this special project. Most importantly, the program is paving the way for all Philadelphia homeowners to have the opportunity to make affordable home improvements to their properties so they can stay in their newly renovated home, reaffirm their commitment to living in one of the nation's greatest cities and invest in the future of their neighborhoods. These home-improvement loans are now even more attractive this year because, thanks to support from NTI funds, they offer expanded income eligibility for homeowners living in single-family, owner-occupied properties with up to four residential units in the city. At 3 or 5 percent rates, depending on household size and income, creditworthy homeowners can get up to $25,000 in loans for up to 20 years with no equity or appraisals necessary. The loan program historically targeted low- to moderate-income homeowners. This expanded program allows all homeowners in the city, who previously could not obtain loans at comparable rates, to upgrade and restore their homes. This program has been an asset to the city since its inception in 1981. To date, it has made more than 6,000 loans available to city residents totaling $61 million. Everyone involved with it is delighted to be part of the team that is helping to take this innovative loan program, which is one of only a handful in the nation, to the next level. I urge every homeowner in neighborhoods across the city - from Penrose to Pennypacker, Center City to Chestnut Hill, Overbrook to Olney, and Fairmount to the Far Northeast - to take advantage of this exceptional opportunity. This program will help thousands of families transform their current living spaces into the homes of their dreams. In the end, our neighborhoods will be safer, more beautiful places to live and work, and our magnificent city will be shining even brighter than it is today. * " To learn more about how to obtain a loan through the PHIL program, contact one of the four participating banks: PNC Bank: 888-256-9378 Citizens Bank: 800-649-1114 Fleet Bank: 215-561-5014 First Union: 267-321-4278 J. William Mills III is president of the PNC
Financial Services Group in Philadelphia and Southern New Jersey. |