THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 21-1600 of The Philadelphia Code is hereby amended as follows:
CHAPTER 14-700. HOUSING TRUST FUND
§ 21-1605. Trust Fund Assets Held in the Non-Recording Fee Sub-Fund
(2) Funds appropriated from the Non-Recording Fee Sub-Fund shall be used to fund programs and projects that support Equitable Neighborhood Development for the benefit of households whose annual income, adjusted for size, is less than one hundred [twenty] percent [(120%)]
(100%)
of the median income of the Philadelphia Metropolitan Statistical Area, as defined by The United States Department of Housing and Urban Development, that:
(a) Increase production and preservation of affordable housing for sale or rental;
(b) Increase access to homeownership through the provision of down payment and closing cost assistance; and
(c) Stabilize and maintain high levels of homeownership in middle neighborhoods.
End