PACDC’s activities have culminated in $180 million to date in new resources for affordable housing and neighborhood economic development.
Rep. Taylor Re-Introduces State Legislation for Philadelphia Housing Trust Fund
State Representative John Taylor re-introduced state authorizing legislation (HB 639) on February 14th that would allow the City of Philadelphia to increase funding for the Philadelphia Housing Trust Fund by $4 million per year to better address local housing needs.
The state authorizing legislation would enable the City to implement the local ordinance approved in December 2009 that would increase the City’s Deed and Mortgage Recording Fee by $30 and dedicate this revenue to the Philadelphia Housing Trust Fund. The Bill was initially referred to the House Law and Government Committee, but on March 1st was re-referred to the House Urban Affairs Committee, which is expected to take action on the bill in April.
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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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