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.
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