Pitch Home Loan Program
The PITCH (Participate In Transforming City Heights) Home Loan Program was one of Price Charities’ earliest attempts to improve the quality of life in City Heights. At its peak, more than 80 loans were secured by the PITCH Program.
PITCH offered up to a $50,000 down payment assistance loan at competitive interest rates to first time homebuyers or up to a $25,000 rehabilitation loan to improve existing homes. Applicants had to meet upper and lower income requirements, be a City Heights resident or work at a public or nonprofit agency in City Heights, and meet minimum credit standards.
The loans allowed for a five year deferred payment and allowed the interest to be paid by performing qualifying community service in City Heights.
The program allowed more than 80 individuals and families to purchase their first home or improve their existing home, helping stabilize the community through more owner-occupied homes. The public service component also increased volunteerism at local nonprofits.
The program ended when the economic downturn severely impacted the housing market and employment, making it difficult for homeowners to repay their loans. Other problems resulted from homeowners not fully understanding the deferred payment terms and community service opportunities.back to top