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Zarwin Baum Attorneys Represented the Philadelphia Redevelopment Authority in the Issuance of a Bond to Fund the Housing Preservation Loan Program

January 2, 2019

The firm represented the Philadelphia Redevelopment Authority in the issuance of $40 million of taxable bonds to fund the Housing Preservation Loan Program (“HPLP”).   This program works to preserve critical affordable housing in the City of Philadelphia by providing loans of up to $25,000 to low-, moderate-, and middle-income homeowners in the City for the purpose of making home repairs.  HPLP is a critical tool for preserving neighborhoods in Philadelphia by supporting home improvements for existing residents and encouraging neighborhood improvement.  The loans are offered with below-market interest rates at 3% annually for ten years and will be secured by a second mortgages to homeowners that may not ordinarily qualify for a loan in the private market due to income, credit, or other factors.  The $40,000,000 bond issuance is secured under a Cooperation Agreement with the City of Philadelphia, which will pay debt service on the Bonds. 

For questions contact Alan Wohlstetter at afwohlstetter@zarwin.com and Scott Goldstein at segoldstein@zarwin.com


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