Title
Amending Totle 7 of The Philadelphia Code, entitled "Housing Code," by adding a new Chapter establishing inclusionary affordable housing requirements, by requiring that certain developments, consisting of a certain number of dwelling units, provide a certain percentage of those units for affordable housing or provide other options for affordable housing, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. TItle 7 of The Philadelphia Code is hereby amended to read as follows:
TITLE 7. HOUSING CODE.
CHAPTER 7-100. INCLUSIONARY AFFORDABLE HOUSING.
§7-101. Declaration of Policy. The purpose of this Chapter is to provide for a full range of housing choices in a suitable environment for households of all income levels by increasing the availability of affordable housing in the City.
§7-102. Definitions.
(1) Affordable dwelling unit. A dwelling unit affordable for eligible households based on the affordability levels calculated pursuant to Section 7-107;
(2) Reserved.
(3) Reserved.
(4) Affordable Price. The price, as determined by the Director, that a family with income at 70% of AMI could afford to pay to purchase a dwelling unit, adjusted by the Director to account for size of family and size of unit.
(5) Fifteen Year Affordable Rent. The annual rent (multiplied by fifteen), as determined by the Director, that a family with income at 70% of AMI could afford to pay to rent a dwelling unit, adjusted by the Director to account for size of family and size of unit.
(6) Fifteen Year Market Rate Rent. The annual market rate rent for a unit, multiplied by fifteen.
(7) AMI. The median income for the Philadelphia area adjusted for household size as calculated by the U. S. Department of Housing and Urban Development;
(8) Applicant. Any person, firm, partnership, association, joint venture, corporation, or any other entity or combination of entities, or ...
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