Amending Section 4 of an Ordinance (Bill No. 050059) approved July 8, 2005 authorizing the establishment of the Housing Trust Fund by requiring that the Housing Trust Fund Oversight Board make its funding recommendations to both City Council and the Office of Housing and Community Development and requiring Council approval by resolution the award of Housing Trust Fund Dollars.

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

Section 1. Section 4 shall be amended as follows:

SECTION 4. Philadelphia Housing Trust Fund Oversight Board.

Council calls upon the Mayor to establish a Housing Trust Fund Oversight Board to make recommendations to

City Council and

the Office of Housing and Community Development regarding the types of projects and programs to be funded with Trust Fund monies, income levels of the targeted beneficiaries of such projects and programs and the proportionate share of funds allocated for the various purposes for which Trust Fund money may be used. The Oversight Board shall further recommend additional criteria for eligible projects and the evaluation of project proposals as it sees fit.

The Oversight Board will have the duty to annually review Trust Fund grant awards

as approved by City Council by resolution

to see whether Trust Fund moneys are expended in a manner that conforms with this Ordinance.

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Explanation:

Italics

indicate new matter

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