PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
$15 Million Boost Over Five Year for Philadelphia Housing Trust Fund
On May 22, 2008 Philadelphia City Council voted to amend the City's FY2009 Operating Budget and Five Year Plan to expand funding for the Philadelphia Housing Trust Fund by $3 million annually for each of the next five years!
This new revenue will come from the City’s General Fund and will supplement existing Trust Fund revenues from Deed and Mortgage Recording Fees. Mayor Nutter had proposed $1 million per year in General Fund revenues for the Trust Fund in his FY2009 budget and five-year plan. Councilman Clarke also introduced a bill with seven co-sponsors that would have increased this amount to $5 million for FY2009. The final agreement was worked out in negotiations between the Mayor and City Council.
This momentous accomplishment is the result of a tremendous amount of education and advocacy by PACDC’s members and partners, and leadership provided by Councilman Clarke and Councilmembers, and Mayor Nutter -- we are truly grateful to all. Please be sure to thank them for this significant step forward in addressing Philadelphia’s housing and neighborhood revitalization needs!
PACDC staff and members engaged in the Campaign for Vibrant and Safe Neighborhoods have been educating City Council and the Administration on the need to expand public and private investment in the construction, rehab and repair of homes to create a range of housing options for all residents as well as other community development initiatives that promote diverse, healthy and safe neighborhoods.
For more information about the Campaign, contact James White at firstname.lastname@example.org or 215-732-5829.
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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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