We are pleased to report that Philadelphia City Council unanimously approved the ordinance authorizing the $400 million Neighborhood Preservation Initiative bond issue to support critically needed investments in affordable housing, commercial corridors and small businesses, and neighborhood infrastructure that will help advance a more equitable recovery in Philadelphia!
Our thanks to City Council and the Kenney Administration for making this super-charged investment in Philadelphia’s residents and neighborhoods!
PACDC, along with our members and other allies, strongly supported the legislation and the Construction Impact Tax approved last December to provide the revenue stream to pay the debt service on the bonds.
It is our understanding that the City’s FY22 Consolidated Plan will be amended to include allocations for the first $100 million in Neighborhood Preservation Initiative (NPI) bond funds. We look forward to working with City Council and the Administration around the allocation of new resources among eligible uses and ensuring a continued commitment from the City’s General Fund for other key affordable housing and community development programs.