Title
Extending approval of the 2025-2026 Housing Opportunities Made Easy (H.O.M.E.) Program Annual Program Statement and Budget, which addresses expenditures by various agencies in the first year of the H.O.M.E. Program, to constitute approval of spending in Fiscal Year 2027, pursuant to that same Program Statement and Budget.
Body
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 of $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 am...
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