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Rep. Taylor Re-Introduces State Legislation for Philadelphia Housing Trust Fund

Submitted by Emily Hockenberry on Mon, 03/28/2011 - 14:37

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.

 

PACDC Fact

  • PACDC’s activities have culminated in more than $140 million in new resources for affordable housing and neighborhood economic development efforts.

  • The Philadelphia Housing Trust Fund has raised more than $67 million in revenue since September 2005 to expand housing opportunities for Philadelphia families.

  • 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.

  • 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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