This September, the PHDC Annual Housing Fair returns to answer all of your housing questions at the largest event of its kind in Philadelphia.
The fair will host opportunities to connect with contractors, potential renters and city agencies, giving landlords an opportunity to address questions and concerns about their properties. Before heading to the fair, we wanted to highlight two programs in particular that can help landlords keep their properties in the best shape they can be.
Rental Improvement Fund (RIF)
PHDC’s Rental Improvement Fund (RIF) offers forgivable loan products to small landlords to repair their rental properties in exchange for maintaining reasonable rents. Loans are eligible for full forgiveness if landlords meet program affordability requirements during the loan term. These loan proceeds can be used for repairs that address safety, health, habitability, energy efficiency, or water efficiency. Some potential repairs include new and repaired roofs, repairs to deteriorated walls, asbestos, mold, and lead remediation, electrical and plumbing improvements, and energy efficiency upgrades.
To participate, landlords must own no more than 15 rental units amongst no more than five properties, must comply with the building code after RIF-funded repairs are complete, and must attend a mandatory RIF information session before applying for a loan.
Learn more about program requirements and loan options.
Targeted Financial Assistance (TFA)
Through the Eviction Diversion Program (EDP), landlords and tenants are given an opportunity to explore alternate solutions to eviction. By working with a mediator they agree upon an alternate solution to eviction so the tenant can stay in their home. As a part of this process, eligible landlords can apply for Targeted Financial Assistance, a program that helps with the payment of overdue rent and past arrears. If approved for TFA, landlords will receive compensation for their owed payments, receiving direct payment from the city. This payment will cover past rent and arrears with an additional two months of forward rent, if applicable.
Once the landlord begins the Eviction Diversion Process, they can opt in to TFA if they are seeking $3,500 or less in overdue rent and arrears in good faith and meet other applicable eligibility criteria. Eligible landlords will receive instructions on how to complete the TFA process once their initial EDP application is approved.
Learn more about TFA eligibility requirements.
If you still have questions about either of these programs, or are curious about other ways you can improve your properties, stop by the PHDC Housing Fair on September 27 from 10 a.m. to 3 p.m. at the Temple University Aramark STAR Complex (1816 North 15th St., Philadelphia, PA 19121) to connect with more resources.
