READ AND PASSED

The enacted ordinance adds rules to preserve privately owned, federally assisted affordable rental housing for low- and moderate-income households. Owners of covered properties must give the City and the local Councilmember advance notice before ending affordability restrictions, selling or transferring the property, or facing foreclosure, and violations may result in fines, a legal hold on the property’s sale, or court enforcement.

Amending Title 7 of The Philadelphia Code, entitled "Housing Code," by adding a new Chapter 7-200, entitled "Preservation of Affordable Housing;" all under certain terms and conditions.