WHEREAS, Section 16-706 of The Philadelphia Code authorizes the Philadelphia Land Bank (“Land Bank”) to convey, exchange, sell, transfer, lease, grant or mortgage interests in real property of the Land Bank in accordance with the requirements of Chapter
16-400
of The Philadelphia Code; and
WHEREAS, Subsection 16-404(3)(f) of The Philadelphia Code
requires compliance with Subsection 16-601(1) of The Philadelphia Code; and
WHEREAS, Subsection 16-601(1)(c) provides that a material change requires Council’s prior approval by resolution, and modification of project use is defined as a material change in Subsection 16-601(1)(c)(3); and
WHEREAS, The project use as approved by Council Resolution No. 210975 has been revised to change the AMI level for twelve (12) affordable homeownership units from 80% AMI to 90% AMI and to change the sale price for the twelve (12) affordable homes to $264,999;
now, therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, AS FOLLOWS:
SECTION 1.
The Land Bank Board of Directors (the “Board”) has determined that it is in the best interest of the Land Bank to convey 2148, 2150, 2154, 2156 E. Birch Street; 2154, 2155, 2156, 2157, 2158, 2159, 2160, 2161 E. Stella Street (collectively, the “Property”) for the development of homeownership housing, as revised. The affordable homes will be eligible for participation in the Neighborhood Preservation Initiative’s Turn the Key program.
End