Title
Amending Chapter 7-200 of The Philadelphia Code, entitled "Preservation of Affordable Housing," to modify certain requirements that must be met before a change in ownership, other disposition, or other change in property interest occurs with respect to certain affordable housing properties in Philadelphia, and making technical changes, all under certain terms and conditions.
Body
THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:
SECTION 1. Chapter 7-200 of The Philadelphia Code is hereby amended to read as follows:
CHAPTER 7-200. PRESERVATION OF AFFORDABLE HOUSING
? 7-201. Purpose.
The purpose of this Chapter 7-200 is to preserve and retain as a long-term resource, privately-owned, state-assisted and federally-assisted affordable rental housing for low- and moderate-income households.
? 7-202. Definitions.
In this Chapter 7-200, the following definitions apply:
(1) Affordable Housing Property. Any building or substantially-related buildings under common ownership containing 4 or more dwelling units leased or intended to be leased to households for occupancy as their primary residences, excluding any building that qualifies as an exempt building, that is bound by a restrictive covenant or regulatory agreement under City, state or federal law commemorating housing affordability requirements on site, including but not limited to: [where one or more of the following conditions apply:]
(a) Tenants receive a federal housing subsidy pursuant to 42 U.S.C. ? 1437f that is not a tenant-based subsidy;
(b) A loan financing the property is insured or assisted under ? 221(d)(3), ? 202, or ? 236(a) or (b) of the National Housing Act, 12 U.S.C. ? 1701q, ? 1715l(d)(3), [or ? 1715z-1,] or ? 515 of the Housing Act of 1949, 42 U.S.C. ? 1485; 42 U.S.C. ?? 5301 et seq.; or 42 U.S.C. ?? 12722 et seq; [or]
(c) The property is subject to a Low-Income Housing Tax Credit indenture or other use agreement pursuant to 26 U.S.C. ? [42.] 42; or
(d)...
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