PACDC needs your help!!
To Expand Funding for the Philadelphia Housing Trust Fund through HB1645
We (PACDC) are educating key members of the Philadelphia Delegation to urge House Appropriations Committee leadership to support HB 1645 to expand funding of the Philadelphia Housing Trust Fund. It is essential we communicate the benefits of the Philadelphia Housing Trust Fund as well as support all efforts to preserve and expand Housing Trust Fund resources and related affordable housing opportunities in Philadelphia.
Philadelphia Housing Trust Fund Background
The Philadelphia Association of Community Development Corporations (PACDC) and our allies were successful in getting the Philadelphia Housing Trust Fund created four years ago to provide a local source of funding to expand affordable housing opportunities. As with the 50+ other county Housing Trust Funds in the Commonwealth created under Act 137, we were able to increase our Deed and Mortgage Recording Fees and dedicate these additional resources to addressing our local housing needs. As a result, the Trust Fund has since provided support for more than 4,000 families and individuals while leveraging over $281 million in additional funding to support the development of 1,279 new affordable homes, repair of 1,200 existing homes, and assisted 1,583 families to stay in their homes through foreclosure and homelessness prevention programs.
HB 1645 Background
However, due to the drop off in the real estate market, this source of funding has declined significantly. State legislation has been introduced by State Rep. John Taylor (HB 1645) that would enable Philadelphia to raise its Deed and Mortgage Recording Fees to support the Philadelphia Housing Trust Fund when the City raises such fees for the General Fund (the maximum fee for the Trust Fund is currently capped at the fee level in affect on January 31, 2005).
The bill was approved by the House Urban Affairs Committee and Rules Committee in July and is currently awaiting action in the Appropriations Committee. Given that the City recently raised its Deed & Mortgage Recording Fees that go to the General Fund by $30, implementation of this change would generate a 40% increase in revenue (approximately $3.5-$5.5 million) per year for the Philadelphia Housing Trust Fund, depending on the level of recordings.
PACDC and our allies strongly support this legislation. To facilitate passage, we also recently obtained support for this bill from the Greater Philadelphia Association of Realtors. We appreciate your help in contacting members of the Philadelphia Delegation to urge House Appropriations Committee leadership to move this bill as soon as possible.
House Appropriations Committee Members from Philadelphia:
Dwight Evans, Chairman: (215) 549-0220 or (717) 783-1540
William F. Keller, Vice Chairman: (215) 271-9190 or (717) 787-5774
Kathy Manderino: (215) 482-8726 or (717) 787-1254
John Myers: (215) 849-6896 or (717) 787-3181
Cherelle L. Parker: (215) 242-7300 or (717) 783-2178
Jewell Williams: (215) 763-2559 or (717) 772-2004
For more information, please contact James White (PACDC) at 215-732-5829 or email@example.com