Authorizing the use of Neighborhood Transformation Initiative bond proceeds for the acquisition of 3051, 3053 Hutchinson Street and 3059, 3061, 3068 Percy Street.

WHEREAS, The Ordinance that created the Neighborhood Transformation Initiative requires approval of City Council prior to the acquisition of any property using Neighborhood Transformation Initiative bond proceeds; and

WHEREAS, The Neighborhood Transformation Initiative Program Statement and Budget has established funding for the acquisition of real property in the 7th Council District; and

WHEREAS, The acquisition of 3051, 3053 Hutchinson Street and 3059, 3061, 3068 Percy Street are critical to the revitalization of the community; and

WHEREAS, The acquisition of said properties is necessary in order for the Women's Community Revitalization Project make application to the Pennsylvania Housing Finance Agency for Low Income Housing Tax Credits to assist in the financing of the construction of Evelyn Sanders Townhouses Phase II; now therefore

BE IT RESOLVED BY THE COUNCIL OF THE CITY OF PHIILADELPHIA, That Neighborhood Transformation Initiative bond proceeds, allocated to the 7th Council District, in an amount not to exceed three hundred seventy-five thousand dollars ($375,000) are authorized for the purpose of acquiring ownership of 3051, 3053 Hutchinson Street and 3059, 3061, 3068 Percy Street.

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