Community Acquisition and Rehab Loan (CARL)

23 Apr

PCRG, community leaders, and financial institutions have been working together through the Community Bankers Collaborative Council (CBCC) to collectively identify issues in the community development system and address these problems with creative solutions. One creative solution is to bring back an affordable and standardized purchase-rehabilitation mortgage loan.

This specialized purchase-rehabilitation mortgage product, also known as the Community Acquisition and Rehabilitation Loan (CARL), will provide the market with the ability to access capital and catalyze revitalization in communities that need the most help. CARL is a single loan product that simplifies the financing process for the purchase and rehabilitation of a property by reducing the cost, time, and complexity of obtaining multiple loans. Our communities seek to benefit from the renovations in terms of increased property values, job creation, and a more robust tax base for the local economy. This strategy creates opportunity for homeownership while simultaneously allowing individuals and families to affordably make modern, energy-efficient repairs to create the home of their dreams.

Fidelity Bank, which was acquired by WesBanco in 2012, utilized the criteria developed by the CBCC to create its own purchase-rehab product. One success story that used the WesBanco purchase-rehab product received “the top prize in the 2013-14 Renovation Inspiration Contest, large residential category (more than $50,000).”  Click here for the Post-Gazette article and a video tour of the renovated house.

PCRG’s partners at the Urban Redevelopment Authority (URA) committed $1M to guarantee CARL during its pilot phase. Additionally, Councilman Corey O’Connor committed $100,000 of his district funds to help us move the pilot forward. “We wanted to find a way to help first time home buyers buy property in the city, and this pilot program will do that,” said Councilman O’Connor.  “I’m hopeful we’ll eventually be able to offer this option to buyers in additional neighborhoods.”

Click here for the Post-Gazette article on the URA’s and Councilman Corey O’Connor’s support of the pilot

If you have any questions about CARL, please contact Alyssa Lyon, PCRG’s Manager of Community Outreach and Member Engagement, at or (412) 391-6732.