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PHILADELPHIA (CBS) — Philadelphia Mayor Jim Kenney and other city officials announced Wednesday the new Restore, Repair, Renew program. The goal of the initiative is to provide low-interest loans to homeowners to be able to make home repairs.

Restore, Repair, Renew is in support of the city’s goal of creating and preserving affordable, quality homes in neighborhoods where the markets are rapidly changing, as well as in stable neighborhoods at risk of decline. It is also part of a wide-ranging effort to increase housing security for low-income people, working-class families, and seniors.

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The program is designed for middle-income Philadelphia residents to have the chance to maintain their homes along with giving eligible homeowners 10-year, 3 percent loans worth up to $25,000.

Click here for more information about Restore, Repair, Renew.