Title
Amending Title 7 of The Philadelphia Code, entitled "Housing Code," by adding a new Chapter 7-200, entitled "Preservation of 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
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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, 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, 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 use agreement pursuant to 26 U.S.C. ? 42.
(2) Bona-fide Offer.
An offer evidenced by a purchase contract reflecting a sales price equal to or more than the appraised value prepared by a certified appraiser, and an earnest money deposit equal to at least 5% of the sales price as identified in the purchase contract.
(3) Certified Appraiser.
A licensed real estate appraiser who is a Member of the Appraisal Institute or who meets standards comparable to those imposed by the Appraisal Institute; and who is experienced in determin...
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