In partnership with New Kensington Community Development Corporation (NKCDC), FINANTA administers Project Reinvest: Homeownership. Project Reinvest is a down payment assistance loan program designed to advance economic recovery in the local communities most impacted by the housing crisis. The program serves low- to moderate-income first-time homebuyers in the city of Philadelphia.
Project Reinvest provides eligible homebuyers with a 0% interest, deferred loan due when the loan recipient sells or remortgages the home or transfers the title. Loans may be used for down payment, closing costs, or borrower minimum out-of-pocket investment if allowed by the approved first mortgage lender and/or other layers of financing used by the homebuyer.
Through this program, FINANTA and NKCDC will disperse hundreds of $10,500 down payment assistance loans to eligible homebuyers in Philadelphia. Twenty-five appointments open on the first business day of each month through NKCDC’s online reservation system. Applicants must schedule the appoint for at least 30 days before their settlement date and bring these required documents to the appointment. If an application is approved, the $10,500 loan will be provided at closing in the form of a mortgage secured through purchase of the property.