Title
Amending Section 7-202 of Title 7 ("Housing Code") of The Philadelphia Code to modify the definition of "affordable housing property," 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
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? 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:
(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 ? 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;
(c) The property is subject to a Low-Income Housing Tax Credit indenture or other use agreement pursuant to 26 U.S.C. ? 42; [or]
(d) The property is bound by a restrictive covenant or regulatory agreement with the Pennsylvania Housing Finance Agency, City of Philadelphia, or Philadelphia Redevelopment Authority commemorating housing affordability requirements on site[.]; or
(e) The property was developed with funding from and remains subject to the requirements of the New Markets Tax Credit Program, as authorized by 26 U.S.C. ? 45D.
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SECTION 2. This Ordinance shall become eff...
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