CARL program wil help borrowers to buy homes in Hilltop neighborhoods
The neighborhoods eligible for the Urban Redevelopment Authority’s Community Acquisition and Rehabilitation Loan (CARL) program has more than doubled.
Through CARL, a program offered in conjunction with the Pittsburgh Community Reinvestment Group, participating lenders originate loans for purchase and rehabilitation for homeownership, and the URA provides loan guarantees that enable borrowers to receive loans with only five percent equity and no mortgage insurance.
The program was established in late 2014 as a pilot program with 27 census tracts in 21 city neighborhoods, but program utilization has been slow. Based upon feedback from PCRG, participating lenders and community groups, the board added another 32 census tracts to the program. With the change, 42 neighborhoods and 59 census tracts will be eligible.