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§ 21-1603. Creation, Distribution and Use of the Trust Fund's Assets. 41
(1) In addition to funds otherwise deposited in the Trust Fund, recording fees collected pursuant to the authorization of this Ordinance shall be deposited in the Housing Trust Fund.
(2) Funds appropriated from the Housing Trust Fund shall be used to fund programs and projects for the benefit of households whose annual income, adjusted for size, is less than one hundred fifteen percent (115%) of the median income of the Metropolitan Statistical Area, as defined by The United States Department of Housing and Urban Development, that:
(a) Increase production of affordable housing for sale or rental;
(b) Increase the accessibility of new and existing affordable housing to physically disabled occupants and increase the supply of visitable housing;
(c) Preserve affordable housing, including but not limited to grants for basic systems repair or improvement of owner-occupied homes, adaptive modification, or for the targeted improvement of facades; and
(d) Prevent or reduce homelessness, including but not limited to emergency assistance to prevent and/or end homelessness or near homelessness by maintaining households in their own residences when eviction is imminent through rent and mortgage arrearage assistance, or for security deposits, utility assistance, and long-term hotel, motel, or boarding home rental assistance.
(3) As much as fifteen percent (15%) of such funds may be used to pay for the City's administrative costs associated with funding and administering such programs and projects.
(4) On a yearly basis up to five million dollars ($5,000,000) of such funds may be segregated into an account to provide annual operating support for affordable rental housing units that are developed using the four percent (4%) federal Low Income Housing Tax Credit wherein the provision of such funds is necessary to make the development feasible.
(5) On a yearly basis, fifty percent (50%) of such funds that are used for purposes other than to pay for administrative costs and amounts required to be segregated pursuant to subsection (4) above shall be used to fund programs and projects that benefit households with incomes, adjusted for size, equal to or less than thirty percent (30%) of the median income of the Metropolitan Statistical Area, as defined by the United States Department Of Housing And Urban Development and fifty percent (50%) shall be used to benefit households with incomes between thirty percent (30%) and one hundred fifteen percent (115%) of the median income of the Metropolitan Statistical Area.
(6) On a yearly basis, at least fifty percent (50%) of such funds that are used for purposes other than to pay for administrative costs shall be used to fund programs and projects that increase production of affordable housing for sale or rental.
(7) In each project subsidized by such funds, a minimum of ten percent (10%) of the total number of new construction units shall be accessible to individuals with mobility impairments and a minimum of two percent (2%) shall be accessible to individuals with sensory impairments. All such new construction units must be made visitable or, alternatively, an amount equal to three thousand dollars ($3,000) multiplied by the total number of new construction units built in the project shall be required to be spent to make as many of such units as possible visitable, which amount shall be adjusted for inflation on an annual basis. Visitability and/or accessibility requirements may be waived or reduced for a project if such requirement(s) renders such project financially infeasible, or if site conditions are unsuitable, but this provision shall not exempt any project from any other applicable requirements regarding visitability and/or accessibility.
(8) It is the intent of this Ordinance that such funds will provide net new resources for affordable housing activities in Philadelphia, but such funds may be used to supplement funding levels for housing production, accessibility, preservation and homelessness prevention in the event current funding or sources of funding are reduced or eliminated.
(9) Proposed annual expenditures from the Housing Trust Fund shall be incorporated into the City's Annual Consolidated Plan submitted to City Council for approval. Expenditures from the Housing Trust Fund shall be made only pursuant to appropriations made in the City's Operating Budget. 42
Amended, Bill No. 140274 (approved August 5, 2014).
Added, Bill No. 180739 (approved October 17, 2018).