Clarke Unveils Plan For Affordable Housing In Gentrifying Philly Neighborhoods

Map of Pennsylvania highlighting Philadelphia ...

Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)

Council President Darrell Clarke today unveiled a plan to build 1,500 affordable housing units in gentrifying neighborhoods like Francisville, Point Breeze and Mantua by redeveloping city-owned vacant land or tax-delinquent properties.

One thousand of the units will be rentals and would take advantage of two underused financing tools, Clarke said: operational subsidies for affordable housing from the Philadelphia Housing Authority and a tax credit from the Pennsylvania Housing Finance Agency.

The city would also need to issue a $100 million bond to be paid for by the Housing Trust Fund, which currently supports other programs.

Read more at http://www.philly.com/philly/blogs/cityhall/Clarke-unveils-plan-for-affordable-housing-in-gentrifying-neighborhoods.html#o1ssZ08Syqt3eBBK.99

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