The purpose of the Keystone Renovate & Repair Loan Program (R&R loan) is to help:
A R&R loan can be used to pay for repairs and improvements that increase the basic livability of the home, including additions and construction, that makes the home safer, more energy efficient, or more accessible to people with disabilities or people who are elderly. R&R loans can also be used to remove or fix code violations, hook up to municipal water and sewer systems, and improve or install code-compliant septic or well systems. In addition, R&R loans can be a source of payment for emergency repairs to critical life–safety systems in the homes, as long as the loan application is made to the Local Program Administrator within 30 days of the repair.
This program is designed to help households with a combined household income no greater than approximately 150 percent of the statewide median income (adjusted upwards in high-cost areas) rehabilitate and/or improve their homes. Not only does the R&R loan provide an attractive interest rate, but it also provides the homeowner with help determining the repairs and/or improvements to be done. In this regard, the program provides much more than a loan–it provides peace of mind in knowing that the right home repairs are done and were completed in a timely manner with quality workmanship. Luxury and purely cosmetic items such as hot tubs, pools, gazebos, etc., are not permissible under the program.
Interested homeowners need to have:
If you would like to learn more about the R&R program, contact PHFA at 1.800.822.1174 to get a referral to the LPA in your area.
If you know you are interested in improving the energy efficiency of your home, a unique partnership between PHFA and AFC First Financial Corp. may be able to help. To find out more, contact AFC at 1.888.232.3477.
We at PHFA strive to help borrowers find programs that fit their needs; however, some borrower's needs may be better met through other programs. Our R&R Alternatives has information about additional grant and loan programs that may be able to help you fix your home or make it accessible.
The R&R Loan Program also has funds available to homeowners who wish to convert a multi-unit home back into a singlefamily residence. The Conversion Initiative allows homebuyers, homeowners, or landlords to finance the cost of converting a multi-unit property, consisting of any number of units, back to a singlefamily residence for which it was originally intended. Properties can be those that were initially built as a singlefamily residence but were converted into apartments or offices. It could also include mixed-use properties where the level(s) above the storefront are being converted back to a single family home. To find out more about this program and the availability, contact PHFA at 1.800.822.1174.
There are many benefits in choosing the R&R loan over a traditional home equity loan. Some of these benefits include:
To apply for a loan you should contact a Local Program Administrator in your area. When you first contact your LPA, they can tell you if what you want to do to your home is allowed with R&R funds and they will ask you some pre-screening questions to see if you might qualify for a loan.