PACDC’s activities have culminated in more than $140 million in new resources for affordable housing and neighborhood economic development efforts.
Philadelphia Housing Trust Fund Legislation Awaits Governor’s Signature
On December 7th, the Pennsylvania Senate approved authorizing legislation (HB 639) introduced by Rep. Taylor to expand dedicated funding for the Philadelphia Housing Trust Fund. Given House approval in April, it has gone to Gov. Corbett for his signature.
The bill will allow the City to implement the local ordinance approved in December 2009 that would generate an additional $3.5 million per year for the Philadelphia Housing Trust Fund. This legislation has been a major goal of PACDC for more than two and one-half years, and would not have passed the General Assembly without the hard work of many members and allies. The law will go into effect 60 days following the Governor’s signature.
PACDC Fact
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The Philadelphia Housing Trust Fund has raised more than $67 million in revenue since September 2005 to expand housing opportunities for Philadelphia families.
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The CDC Tax Credit Program has fostered 30 partnerships between businesses and CDCs that is providing $30 million in new funding to support neighborhood economic development.
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PACDC’s Member Services programming builds the capacity of CDCs through technical assistance and training, the sharing of ideas, best practices, and promotion of the local CDC industry.
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