Pennsylvania Home Lending Collaborative Inc

TO PROMOTE AND FACILITATE FIRST-TIME HOME OWNERSHIP TO INDIVIDUALS AND FAMILIES OF MODEST MEANS (BELOW 80% AMI) RESIDING IN PARTICIPATING OR QUALIFIED SERVICE AREAS THROUGH AFFORDABLE FINANCIAL ASSISTANCE AND FLEXIBLE UNDERWRITING.

STATE-WIDE LENDING:THE ORGANIZATION IS COLLABORATING WITH SIX OTHER ESTABLISHED NEIGHBORWORKS ORGANIZATIONS THAT COVER THE MAJORITY OF PENNSYLVANIA IN THEIR COLLECTIVE SERVICE AREAS. IN THE INTEREST OF PROVIDING FINANCIAL ASSISTANCE TO LOW/MODERATE INCOME CLIENTS SEEKING FIRST TIME HOME OWNERSHIP IN THEIR REGIONS, THE ORGANIZATION WAS ASKED TO LEAD THE CREATION OF A LENDING EFFORT, WHEREBY THE ORGANIZATION COULD PROVIDE LENDING SERVICES AND CAPITAL TO THEIR CONSTITUENTS WHO QUALIFY. SEE ADDITIONAL INFORMATION ON SCHEDULE O.IN ADDITION TO PROMOTING FIRST-TIME HOME OWNERSHIP, THE ORGANIZATION PROMOTES AND ASSISTS EXISITING HOMEOWNERS IN THE NEIGHBORWORKS ORGANIZATION SERVICE AREAS TO REMAIN IN RESIDENCE THROUGH AFFORDABLE FINANCIAL ASSISTANCE FOR NECESSARY HOME REPAIR AND/OR RENOVATIONS. AFFORDABLE HOME REPAIR FINANCING FOR HOMEOWNERS OF MODEST MEANS AND/OR WITH LITTLE EQUITY IN THEIR HOMES IS A CRITICAL UNMET NEED. THE LACK OF CAPITAL FOR THESE FAMILIES IS CONTRIBUTING TO THE SEVERE DETERIORATION OF PENNSYLVANIA'S HOUSING STOCK THROUGH DISINVESTMENTS, AND LOWERING LIVING STANDARDS FOR THE OCCUPANTS. THE ORGANIZATION PROVIDES ACCESS TO LOAN PRODUCTS THAT ENABLE AND ENCOURAGE FAMILIES TO UTILIZE/INVEST IN 'GREEN TECHNOLOGY' THAT, AMONG OTHER THINGS, RESULTS IN LOWER ENERGY COSTS. ALL BORROWERS ARE REQUIRED TO COMPLETE SOME OR ALL OF THE HOMEBUYER EDUCATION CLASSES, INDIVIDUAL BUDGET AND CREDIT COUNSELING, AS WELL AS PRE- AND POST- PURCHASE COUNSELING, AS APPLICABLE.IN 2021, THE HOMEOWNERSHIP CENTER VIA PHLC ASSISTED 44 FAMILIES BUY THEIR FIRST HOME, LENDING $561,508 IN DOWN PAYMENT AND CLOSING COST ASSISTANCE LOANS. OUR TOTAL PHLC LOAN PORTFOLIO REMAINED STRONG RELATIVE TO THE NATIONAL ECONOMY DESPITE THE LARGE NUMBERS OF PAST DUE LOANS.