The city council approved the first loan for an affordable housing effort championed by Mayor Cherelle Parker.
The Philadelphia City Council approved a $800 million loan that will kick off the city’s Housing Opportunities Made Easy initiative, a plan to create or preserve 30,000 housing units, reports Aaron Moselle in WHYY.
The program includes increased funding affordable housing preservation and production as well as a home repair program and eviction prevention assistance. “Under the legislation, 90% of funding for the Basic Systems Repair Program and the Adaptive Modifications Program will go to households earning up to 60% of area median income, or about $71,640 annually for a family of four.”
The vote comes after months of wrangling over the finer details of the plan. The first annual budget for H.O.M.E., approved in December, “calls for $277 million in spending for more than two dozen programs for renters and homeowners, many of which already exist. ”
FULL STORY: Philly City Council vote unlocks $800M for housing, shifting more aid to lowest-income residents
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