WHEREAS, Bill No. 250568 (approved June 13, 2025), as amended by Bill No. 251065 (approved January 22, 2026) (as amended, the “H.O.M.E. Ordinance”), authorizes the City, through the issuance of debt by the Philadelphia Redevelopment Authority (“PRA”) and a service agreement between the City and PRA, to raise $800 million for the Housing Opportunities Made Easy (H.O.M.E.) Plan (the “H.O.M.E. Program”) for housing production and preservation, home affordability, home-owner and renter assistance, related contractor training and support, blight and vacant property reduction, urban beautification, neighborhood infrastructure, and other related programs; and
WHEREAS, Council, by Resolution No. 250955 (adopted December 11, 2025), approved the “2025-2026 Housing Opportunities Made Easy (H.O.M.E.) Program Annual Program Statement and Budget,” which established a budget for expenditure o
f $277,247,783
in funds in the first year of the H.O.M.E. Program, to be spent on programs pursuant to terms set forth in the Resolution; and
WHEREAS, In fiscal year 2027 and every year thereafter, the H.O.M.E. Ordinance requires Council approval of an Annual Program Statement and Budget submitted to Council in advance of each fiscal year in which the City intends to spend H.O.M.E. Program funds; and
WHEREAS, Bonds generating funds available for spending on the H.O.M.E. Program in the amount of $400 million closed on March 26, 2026, consisting of the PRA’s $317,255,000 aggregate principal amount of its City Service Agreement Revenue Bonds, Series A of 2026 (City of Philadelphia H.O.M.E. Plan) (Federally Taxable) and $79,395,000 aggregate principal amount of its City Service Agreement Revenue Bonds, Series B of 2026 (City of Philadelphia H.O.M.E. Plan) (Tax-Exempt), which constitute a first tranche of Obligations (as defined by the H.O.M.E. Ordinance); and
WHEREAS, Council desires to extend the applicability of the allocations made in the 2025-2026 Housing Opportunities Made Easy (H.O.M.E.) Program Annual Program Statement and Budget, such that amounts thereunder unspent during Fiscal Year 2026 are available to be applied thereafter to expenditures throughout Fiscal Year 2027; now, therefore, be it
RESOLVED, BY THE COUNCIL OF THE CITY OF PHILADELPHIA, In satisfaction of the terms set forth in the H.O.M.E. Ordinance for authorization prior to spending funds in any particular fiscal year, that the 2025-2026 Housing Opportunities Made Easy (H.O.M.E.) Program Annual Program Statement and Budget, as approved by Resolution No. 250955 (adopted December 11, 2025), is hereby deemed applicable to Fiscal Year 2027, and expenditures in Fiscal Year 2027 pursuant to that Program Statement and Budget are hereby authorized to the same extent authorized therein and under the same terms, including Program Descriptions and Targeted Area Median Income (AMI) for each program, less the amount of any expenditures made pursuant to that Program Statement and Budget in Fiscal Year 2026.
FURTHER RESOLVED, That this approval does not substitute for any action otherwise required by Council under the H.O.M.E. Ordinance, or the law, generally.
End