(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). |