The Preservation of Existing Affordable Rental (PEAR) program refinances private sector debt on residential properties with six or more units, ensuring at least 20 percent of the units will be affordable to tenants earning up to 80 percent of area median income over a 30-year term. The refinanced portion of the loan will have a zero percent interest rate.

The program was initially administered by the Department of Planning and Development, but is now administered by the Department of Housing with funding provided by the City’s Affordable Housing Opportunity Fund.