PHILADELPHIA (KYW Newsradio) — Tenants of nearly 1,000 affordable housing units that may soon be up for sale rallied at Philadelphia City Hall on Tuesday, asking Mayor Cherelle Parker to save their homes. The Parker administration said it does have a plan.
The tenants are nervous because the tax credits that have kept their homes affordable are expiring. Some have already expired, so any day now, the landlord, Neighborhood Restorations, could sell, and rents could go to market rate.
Philadelphia Chief Housing Officer Angela Brooks said it’s an oversimplification to ask the city to simply buy the 925 units, estimated to be worth $280 million.
“[The] units, the majority of which are scattered sites, will be something we’ve got to be very thoughtful about in terms of who’s going to asset manage it,” she said. “The city itself is not going to be the only actor in this. This is much too large of a portfolio for there to be one particular solving agent.”
Brooks said tax credits have expired on only 225 of the units. Credits on the other 700 will expire in phases over the next decade, allowing time for more planning.
The city, with a steering committee, has developed a plan that includes helping a potential new landlord apply for tax credits, among other steps to ensure the homes stay affordable.
“We are acting on data and what is viable and can easily happen, and so this is not going to be an easy solution,” said Brooks. “We will continue to work to make sure there’s minimal impact on those residents and where it’s a win-win for everybody.”
Tax credits that have kept Neighborhood Restorations’ homes affordable are expiring
Tax credits that have kept Neighborhood Restorations’ homes affordable are expiring
