City of Philadelphia - File #: 000546

• File #: 000546
• Version: 0
• Type: Bill
• Status: ENACTED
• File created: 9/14/2000
• In control: Committee on Commerce & Economic Development
• Final action: 11/16/2000
• Title: Amending Chapter 21-800 of The Philadelphia Code entitled "Advancement of Economic Opportunities" by adding Section 21-802 on The Philadelphia Community Reinvestment Commission.
• Sponsors: Councilmember Goode, Councilmember Blackwell
• Code sections: 21-800 - Advancement of Economic Opportunities, 21-802 - The Philadelphia Community Reinvestment Commission

Date	Ver.	Action By	Action	Result	Tally
12/7/2000	0	MAYOR	SIGNED
11/16/2000	0	CITY COUNCIL	READ
11/16/2000	0	CITY COUNCIL	PASSED	Pass	17:0
11/2/2000	0	CITY COUNCIL	ORDERED PLACED ON THIS DAY`S FIRST READING CALENDAR
11/2/2000	0	CITY COUNCIL	SUSPEND THE RULES OF THE COUNCIL	Pass
11/2/2000	0	CITY COUNCIL	ORDERED PLACED ON NEXT WEEK`S SECOND READING CALENDAR
10/24/2000	0	Committee on Commerce & Economic Development	HEARING HELD
10/24/2000	0	Committee on Commerce & Economic Development	REPORTED FAVORABLY, RULE SUSPENSION REQUESTED
9/14/2000	0	CITY COUNCIL	Referred
9/14/2000	0	CITY COUNCIL	Introduced	Pass

Title
Amending Chapter 21-800 of The Philadelphia Code entitled "Advancement of Economic Opportunities" by adding Section 21-802 on The Philadelphia Community Reinvestment Commission.
Body
WHEREAS, The Community Reinvestment Report was released by the Office of Councilman W. Wilson Goode, Jr; and

WHEREAS, The Community Reinvestment Report found that the five profiled community development corporations attracted a total of $133,727,104 into their respective service areas: $84,483,221 from the private sector and $49,243,883 from the public sector ($1.71 from the private sector for every $1 from the public sector); and

WHEREAS, Of the $133,727,104 invested, only $19,582,940 (15%) has been invested in commercial/economic development; and

WHEREAS, This total investment has allowed the five community development corporations profiled to produce 846 rental units, 161 units for homeownership, over 115,000 square feet of retail and commercial space, 8 businesses, as well as numerous other programs to assist homebuyers, job-seekers and community residents; and

WHEREAS, Thirty-eight percent (38%) of all private sector funds invested came from banks and thirteen percent (13%) came from The Reinvestment Fund, a Community Development Financial Institution (CDFI); now, therefore,

THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS:

SECTION 1. Chapter 21-800 of The Philadelphia Code is hereby amended to read as follows:

CHAPTER 21-800. ADVANCEMENT OF ECONOMIC OPPORTUNITIES

* * *

§21-802. The Philadelphia Community Reinvestment Commission.

(1) Creation of Commission. The Philadelphia Community Reinvestment Commission is hereby created as an agency in the City of Philadelphia. The Commission shall be composed of fifteen (15) members who shall serve without compensation, and its functions shall be to plan and implement community reinvestment strategies for the City of Philadelphia. The Commission shall review community reinvestment strat...