Title
Approving the final Neighborhood Preservation Initiative Program Statement and Budget, which allocates the expenditure of the remaining $50 million of funding by various agencies for the Neighborhood Preservation Initiative Program.
Body
WHEREAS, On May 13, 2022 The City Council of Philadelphia approved Bill Number 210203, which established the Neighborhood Preservation Initiative and authorized the City to borrow $400,000,000 to provide affordable housing, commercial corridors improvements, and neighborhood infrastructure programs, including the financing or refinancing of certain costs in order to encourage the provision of healthful homes and a decent living environment, eliminate blight, preserve critical affordable housing, respond to inadequacies in the supply of residential owner-occupied and rental housing in the City, encourage the provision of adequate places for employment, and promote economic activity to improve the health, safety and welfare of residents of the City; and
WHEREAS, The budget for the final allocation of $50 million was created following the redistribution of the penultimate $150 million allocation in 2025, which fulfilled the outstanding funding obligations for all programs except neighborhood infrastructure improvement programs, as detailed in Exhibit "B"; and
WHEREAS, The City has prepared a Neighborhood Preservation Initiative Program Statement and Budget establishing a budget for the final allocation of $50 million in funds to be generated by a bond offering that will provide funding to be spent on neighborhood infrastructure improvements, including but not limited to driveway repair, retaining wall repair, alley tree removal, street tree removal, sidewalk repair, and other related programs and activities, which is attached as Exhibit "A" hereto; now, therefore, be it
RESOLVED, BY THE CITY COUNCIL OF PHILADELPHIA, That the final Neighborhood Preservation Initiative Program Statement and Budget, which allocates the exp...
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