Title
Approving the 2023-2024 Neighborhood Preservation Initiative Program Statement and Budget, which addresses the expenditure of $150 million by various agencies in the third year of 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 dollars 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 City has prepared a 2023-2024 Neighborhood Preservation Initiative Program Statement and Budget establishing a budget for expenditure of $150 million in funds to be generated by a bond offering in the third year of the program, which funding is to be spent on housing preservation, the production of affordable housing 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 2023-2024 Neighborhood Preservation Initiative Program Statement and Budget attached hereto as Exhibit "A" is hereby approved.
Exhibit "A"
The Neighborhood Preservation Initiative Program Statement and Budget
BACKGROUND
The Neighborhood Preservation Initiative Program Statement and Budget describes the programs and activities that the City will fund using bond proceeds as further described below.
The Neighborhood Preservation Initiative (NPI) includes programs ...
Click here for full text