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Philadelphia Housing Trust Fund Legislation Awaits Governor’s Signature

Submitted by Garrett ODwyer on Thu, 2011-12-15 13:54

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

  • PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.

  • 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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