Title
Authorizing the Committee on Housing, Neighborhood Development, and the Homeless to hold hearings examining the potential sale of the 925-unit Neighborhood Restorations affordable housing portfolio, the possible impact if homes are sold on the open market, and current efforts underway to preserve it as permanently affordable housing.
Body
WHEREAS, Between 1990 and 2007, the company now known as Neighborhood Restorations developed 925 units of deed-restricted affordable housing made possible through Redevelopment Authority property transfers and Low-Income Housing Tax Credit financing; and
WHEREAS, These holdings represent about 12% of the government financed affordable housing units in Philadelphia in danger of losing their affordability restrictions over the next decade; and
WHEREAS, In July 2025, Neighborhood Restorations began to give their mandatory 12-month notice required by the People’s Preservation Package of their intent to sell all 925 homes; and
WHEREAS, These units are estimated to house over 3000 people in mostly 3- and 4-bedroom single-family homes, genuinely family-sized rental housing that also presents unique opportunity for first-time homebuyer conversions; and
WHEREAS, What makes these homes further unique is that they are what is known as “scattered site” affordable housing, which means they are spread across dozens of rowhouse and twin blocks all over West and Southwest Philadelphia, including 40% within what is now known as University City, which has experienced rapid market escalations since these homes were first built; and
WHEREAS, Though only one-quarter of the units are past the end of their state-mandated affordability restrictions, the affordability status of all 925 units is at risk right now because a market-rate sale would likely lead to future owners letting any remaining affordability lapse; and
WHEREAS, Over a five-month period, a team led by the Philadelphia office of the Local Initiatives Support Corporation (L...
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