Kenney & Council Proposal for New Housing Trust Fund Dollars

Today, Mayor Jim Kenney, City Council President Darrell Clarke, and Councilmembers Maria Quinones-Sanchez and Mark Squilla announced their proposal for how the first year of the new Housing Trust Fund Sub-Fund dollars will be spent. This $19 million infusion of resources is a result of years of advocacy, and will be followed by at least another $54 million over the next four years.

Their proposal for how the $19 million will be spent is now open for written public comment through March 15th, 2019. Then a hearing will be held in City Council to consider a proposed ordinance (date to be announced).

At a press conference in City Hall today with the Mayor and Council leaders, PACDC Executive Director Rick Sauer said, “These investments in affordable homes provide low- and moderate-income Philadelphians with the opportunity to improve their physical and mental health, educational attainment, job security, and quality of life. They will pay off in a stronger, healthier, more equitable Philadelphia.”

The proposal includes: $10 million for affordable housing production and preservation; $3 million for down-payment and closing cost assistance for new home buyers; $1 million for housing counseling; $2 million for a pilot to create a shallow rent subsidy program; $2 million to create a new “accelerator fund” meant to attract new private investment in affordable homes; and $1 million to cover administrative costs.

To learn more about the proposal, visit the legal notices section on the website of the Division of Housing and Community Development which also has instructions for how to submit written comments on the proposal.