Philadelphia City Council to Hold Hearing on Preserving Affordable Housing Portfolio
Philadelphia City Councilmember Jamie Gauthier is introducing legislation for a public hearing to examine the city's efforts to preserve 925 affordable rental units in her district. These properties, primarily single-family homes owned by Neighborhood Restorations, were built with federal tax credits that have kept them affordable for decades. While 225 of these units have already had their affordability restrictions expire, the remaining 700 units will lose theirs over the next decade. Mayor Cherelle Parker's administration has expressed commitment to saving these homes amid an affordable housing crisis, but a formal announcement regarding a specific dollar amount for investment has not yet been made. The resolution aims to secure city funding for a potential sale that would ensure the units remain permanently affordable.
