THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Title 19 of The Philadelphia Code is hereby amended as follows:
TITLE 19. FINANCE, TAXES AND COLLECTIONS
CHAPTER 19-4400. DEVELOPMENT IMPACT TAX
§ 19-4401. Imposition of Tax.
(3) Exemptions. No tax required by this Chapter shall be imposed upon the following improvements:
(d) Improvements that the Department of Planning has certified are either:
(.1) made in connection with a rental-housing project funded in whole or part by a loan or grant from the City, which project will be bound by either a restrictive covenant or a regulatory or other agreement with the City that
provides
[requires that] that all units must [satisfy]
meet
the [standards for]
definition of
Moderate Income rental housing set forth in Section 14-702(7)
(a)(.1)(.a)
of the Code; or
SECTION 2. Section 1 of this Ordinance shall be retroactive to July 1, 2025.
___________________________________
Explanation:
[Brackets] indicate matter deleted.
Italics
indicate new matter added.
End