Landlord Working Capital Loan Application
Thank you for your interest in the Landlord Working Capital Loan Program.
The City of Philadelphia and Impact Loan Fund are launching a citywide loan program to assist landlords who have been impacted by tenant unemployment and business shutdowns from COVID-19. In the current environment, with an eviction moratorium and high rates of disruption for renters, the program will provide working capital to landlords who are having challenges covering their expenses. This program is targeted to landlords who own 15 or fewer rental units that are leased at affordable rates.
Applications are NOT first come first served. Applications are under review for applications received prior to July 7. Applications are still being accepted. The next review will take place with all applications received by 5 PM on July 21st . If necessary, they will be prioritized to assist the most landlords and the lowest income neighborhoods. If funds remain, additional applications will be reviewed in two week cohorts.
Terms of the Loan:
- Loans up to $10,000
- No payments are due for the first 6 months
- Loans are then repaid over a 36-month period
- Closing costs are $150
- Fixed interest rate is 4%
- Loans are unsecured
- Loans must be guaranteed by principal owner(s)
- No penalties for early repayment
- Applicant’s property must be located in the City of Philadelphia
- Landlord must certify that their cashflow was affected as a result of non-payment or reduced rent payments due to COVID-19
- Real estate taxes must be paid through 2019
- All of a Landlords rental units must qualify as affordable rental units
- Applicants must have a current rental license
- A lease must be in place with a current tenant
- A copy of the deed must be provided
- Must provide proof of 2018 or 2019 federal tax filing
Initial funding is expected to become available during the month of July. If you're having difficulty completing the application, please e-mail firstname.lastname@example.org
NOTE: Landlords may submit only one application