According to an announcement this week by the Philadelphia Association of Community Development Corporations (PACDC), Philadelphia City Council’s Committee of the Whole has voted unanimously to expand the Philadelphia Housing Trust Fund by $3 million per year over the next five years.

This new revenue would come from the City’s General Fund and would supplement existing Trust Fund revenues from Deed and Mortgage Recording Fees.

As you may recall, Mayor Nutter had proposed $1 million per year in General Fund revenues for the Trust Fund in his FY2009 budget and five-year plan. Councilman Clarke also introduced a bill with seven co-sponsors that would have increased this amount to $5 million for FY2009. The final agreement was worked out in negotiations between the Mayor and City Council. City Council is expected to give final approval to the budget on May 22nd.

PACDC thanks its members and partners, as well as the leadership provided by Councilman Clarke and the Mayor, for this significant step forward in addressing Philadelphia’s housing and neighborhood revitalization needs.

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