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(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. 58
Notes
| 57 | Amended, Bill No. 140274 (approved August 5, 2014). |
| 58 | Added, Bill No. 180739 (approved October 17, 2018). |
(1) The Director of Finance is authorized to divide the Housing Trust Fund into two segregated sub-funds, the Recording Fee Sub-Fund and the Non-Recording Fee Sub-Fund. Once such Sub-Funds are established, Section 21-1601 and subsection 21-1602(1) shall apply to both Sub-Funds; subsection 21-1602(2) and Section 21-1603 shall apply only to the Recording Fee Sub-Fund.
(2) The Director of Finance and such other officials as the Mayor may determine are authorized to implement the provisions of Section 21-1605.
Notes
| 59 | Added, Bill No. 180739 (approved October 17, 2018). |
(1) Upon establishment of the Sub-Funds authorized by Section 21-1604, funds designated to be deposited into the Housing Trust Fund other than those collected pursuant to Section 10-1001 of The Philadelphia Code shall be deposited in the Non-Recording Fee Sub-Fund of the Housing Trust Fund. Any assets remaining in this Sub-Fund at the end of any fiscal year shall be carried into the next fiscal year, including all interest and income earned, as well as any repayments or forfeitures of loans and/or grants.
(2) Funds appropriated from the Non-Recording Fee Sub-Fund shall be used to fund programs and projects that support Equitable Neighborhood Development for the benefit of households whose annual income, adjusted for size, is less than one hundred twenty percent (120%) of the median income of the Philadelphia Metropolitan Statistical Area, as defined by The United States Department of Housing and Urban Development, that:
(a) Increase production and preservation of affordable housing for sale or rental;
(b) Increase access to homeownership through the provision of down payment and closing cost assistance; and
(c) Stabilize and maintain high levels of homeownership in middle neighborhoods.
(3) Funds appropriated from the Non-Recording Fee Sub-Fund may be used to pay all costs associated with the borrowing of funds for the purposes set forth in subsection 21-1605(2), including, but not limited to, through a service agreement with a third party providing for the issuance of bonds.
(4) Funds appropriated from the Non-Recording Fee Sub-Fund may be awarded to any entity, regardless of its legal form, so long as the entity is otherwise eligible to receive a contract.
(5) Any project consisting of four or more units and receiving a grant or deferred loan financing from the Non- Recording Fee Sub-Fund shall have workforce wages and benefits determined by the Philadelphia Labor Standards Unit and the Unit shall be subject to the reporting requirements set forth in Sections 17-107, 17-1605 and 21-1106 of The Philadelphia Code. The Unit shall also provide quarterly reports to the Clerk of City Council, on workforce residency, including residency by Council District for workers residing in the City.
(6) Proposed annual expenditures from the Non-Recording Fee Sub-Fund shall be incorporated into the City's Annual Consolidated Plan submitted to City Council for approval. Expenditures from this Sub-Fund shall be made only pursuant to appropriations made in the City's Operating Budget.
(7) It is the intent of Council that funds in the Non-Recording Fee Sub-Fund 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.
Notes
| 60 | Added, Bill No. 180739 (approved October 17, 2018). |