PHIL-Plus and Mini-PHIL Loans can be used for home repairs and improvements, and paying off debts, including past due utility bills. CED partners with two banks and over 20 nonprofit housing counseling agencies to provide the loans. To go through the program, applicants undergo a free one-time counseling session and then are referred to the bank of their choice.
The Mini-PHIL is worth up to $15,000 and is best for basic home repairs. The PHIL-Plus may be worth up to $25,000 for homeowners who have larger projects such as remodeling. You can use up to half of either loan to pay off existing debt. Neighborhood housing counselors provide free assistance to help you apply for the loan.
To learn more, click here.
Contact: Jojy Varghese
Additional Information: The PHIL-Plus Loan is currently on hiatus and not accepting applications, but the Mini-PHIL Loan is still available through Citizens Bank.