The Pittsburgh Community Reinvestment Group (PCRG) is coordinating fixer upper loans for home owners who want to buy a house that needs a lot of work.
The loan covers the cost of the home plus the home improvement construction. Like a one-stop mortgage, it’s called a Community Acquisition & Rehabilitation Loan or “CARL.”
Greenfield’s moderately priced census tract 1517 is part of the CARL pilot program. That’s the area bounded by Winterburn on the west, the Parkway East on the north, Saline Street on the east and Hazelwood Avenue (including Notley, etc) on the south.
If the combined value of the loan is less than $233,000, then the borrower has to put only 5% down. The big requirement is that the owner must live in the home for five years or sell to another owner-occupant.
Click on the logo above to visit PCRG’s Community Acquistion & Rehabilitation Loan website to learn more.
(CARL logo courtesy PCRG)