READ AND PASSED

The enacted ordinance amended Philadelphia’s Housing Trust Fund rules to allow separate sub-funds for money from recording fees and other sources, and placed administration of the fund with the Department of Planning and Development’s Division of Housing and Community Development. It sets rules for approving and spending the money, including support for affordable housing, homeownership assistance, and neighborhood stabilization, with projects of four or more units subject to workforce wage, benefit, and reporting requirements.

Amending Chapter 21-1600 of The Philadelphia Code, entitled "Housing Trust Fund," to authorize the establishment of separate sub-funds to receive, respectively, revenues attributable to recording fees and revenues from sources other than recording fees; to provide for and authorize the manner in which such revenues may be appropriated and spent; and to designate the agency within City government responsible for administering the Housing Trust Fund; all under certain terms and conditions.