CITY COUNCIL ADVANCES HOUSING TRUST FUND BILL

NUTTER ADMINISTRATION SUPPORTS

PACDC applauds City Council’s Committee on Finance

for voting unanimously today in favor of legislation introduced by

Councilman Clarke that will restore millions to the much needed

and very successful Philadelphia Housing Trust Fund.

PACDC applauds Mayor Nutter for his support of the legislation.

Philadelphia, PA – The Philadelphia Association of Community Development Corporations (PACDC) heralds today’s vote as a big step toward restoring millions to the Philadelphia Housing Trust Fund, which had received a 60% cut in funding from the City’s General Fund.  “If the full Council moves on this legislation tomorrow and votes to approve it next week, then this really will be an early Holiday present for thousands of families who will have the opportunity to get a home or help to stay in their homes”, exclaims Rick Sauer, PACDC Executive Director.

Bill No. 090849, introduced on November 19^th by Councilmembers Clarke and Sanchez, was approved by unanimous vote today by City Council’s Committee on Finance, chaired by Councilwoman Tasco.  PACDC and a number of its members submitted testimony in strong support of the legislation.  Deborah McColloch, the City’s Director of Housing, testifying on behalf of the Nutter Administration said “We are happy to say that we support Councilman’s Clarke’s efforts to provide this increased amount of funding for affordable housing and other related Housing Trust Fund initiatives” in reference to Bill No. 090849.

By increasing the Deed and Mortgage Recording Fee by $30, this legislation will expand dedicated funding for the Philadelphia Housing Trust Fund by 40%, which would yield an additional $3.5-$5.5 million per year to build new affordable homes, preserve/repair existing homes, and assist families to stay in their homes avoiding foreclosure and homelessness.

In addition to passage by the full Council, the City will need enabling legislation from the state.  That measure (H.B. 1645) has already been introduced by State Representative Taylor and is currently awaiting approval in the House Appropriations Committee, chaired by State Representative Dwight Evans.  During the hearing, Deborah McColloch stated that the City will send a letter to Representative Evans indicating the Mayor’s support for this bill.

“This is a win-win.  Too often government is trying to invent something that works.  With the Housing Trust Fund, we know it works.  We just have to invest in it” declared John Chin, PACDC Board President.

The Finance Committee also released Bill No. 090850, which would dedicate half of the Deed and Mortgage Recording Fee increase approved earlier in the year to the Housing Trust Fund (instead of the City’s General Fund) as a back up option.