PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
City Council Debating Bills to Provide Property Tax Relief
On May 3rd Council President Clarke and 15 other Councilmembers introduced a package of four bills to bolster the tools the City has at its disposal to more address the impact of the City’s Actual Value Initiative (AVI) on homeowners.
Under AVI, all of the City’s properties are being reassessed at their actual value for property tax purposes. While PACDC has been supportive of this effort, we have also raised concern about the impact this will have on long-term and lower-income homeowners, especially in neighborhoods where property values have appreciated significantly.
While some protections currently exist, and additional measures such as state authorizing legislation for a homestead exemption in Philadelphia of the first $15,000 of a property’s value is pending, we do not believe this is sufficient.
PACDC testified at the May 14th hearing on the bills that it is essential for the City to make sure appropriate measures are in place to enable a broader range of lower-income and long-term residents to stay in their homes and communities before they are impacted by the new assessments.
City Council is continuing to discuss these bills as part of the City’s budget process.
Summary of Bills:
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The Philadelphia Housing Trust Fund has raised nearly $80 million since September 2005 to expand housing opportunities for more than 6,000 Philadelphia families.
The CDC Tax Credit Program has fostered 35 partnerships between businesses and non-profits that is providing $60 million in new funding for CDC neighborhood economic development.
PACDC’s Member Services programming builds capacity of CDCs through technical assistance and training, sharing of best practices, networking, and promotion of the local CDC industry.
The local CDC industry generated $3.3 billion in economic impact in Philadelphia during the past 20 years.
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