THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 7 of The Philadelphia Code is hereby amended to read as follows:
TITLE 7. HOUSING CODE
* * *
CHAPTER 7-200. PRESERVATION OF AFFORDABLE HOUSING
* * *
§ 7-202. Definitions.
In this Chapter 7-200, the following definitions apply:
(1) Affordable Housing Property. Any building or substantially-related buildings under common ownership containing 4 or more dwelling units leased or intended to be leased to households for occupancy as their primary residences, excluding any building that qualifies as an exempt building, that is bound by a restrictive covenant or regulatory agreement under City, state or federal law commemorating housing affordability requirements on site, including but not limited to:
(a) Tenants receive a federal housing subsidy pursuant to 42 U.S.C. § 1437f that is not a tenant-based subsidy;
(b) A loan financing the property is insured or assisted under § 221(d)(3), § 202, or § 236(a) or (b) of the National Housing Act, 12 U.S.C. § 1701q, § 1715l(d)(3), or § 515 of the Housing Act of 1949, 42 U.S.C. § 1485; 42 U.S.C. §§ 5301 et seq.; or 42 U.S.C. §§ 12722 et seq;
(c) The property is subject to a Low-Income Housing Tax Credit indenture or other use agreement pursuant to 26 U.S.C. § 42; [or]
(d) The property is bound by a restrictive covenant or regulatory agreement with the Pennsylvania Housing Finance Agency, City of Philadelphia, or Philadelphia Redevelopment Authority commemorating housing affordability requirements on site[.]
; or
(e) The property was developed with funding from and remains subject to the requirements of the New Markets Tax Credit Program, as authorized by 26 U.S.C. § 45D.
* * *
SECTION 2. This Ordinance shall become effective immediately.
End