Here’s how Mayor Parker plans to spend $800 million on housing – Https://Www.inquirer.com

Philadelphia Mayor Cherelle L. Parker Unveils $800 Million Housing Policy

Introduction

Mayor Cherelle L. Parker has revealed the details of her $800 million housing policy, outlining her plans to use city bonds to build or repair 30,000 homes. This initiative, called “Housing Opportunities Made Easy” (H.O.M.E.), aims to address the city’s housing crisis and achieve the Sustainable Development Goals (SDGs).

Overview of the Housing Policy

The mayor presented an overview of her H.O.M.E. initiative to City Council in March, but this is the first time her spending priorities have been made public. The bond money will be allocated to 38 programs, with a focus on expanding existing initiatives and addressing housing needs from various angles.

Key Initiatives and Goals

1. Affordable-Housing Preservation ($161 million)

   This initiative aims to extend the life of affordable contracts and repair older buildings to prevent the loss of units. The goal is to benefit over 4,000 households.

2. Turn the Key ($112 million)

   This program provides developers with city-owned land to build for-sale housing for first-time buyers. The funds will also help complete ongoing development projects, with a goal of creating at least 280 new households.

3. Basic Systems Repair Program (BSRP) ($84 million)

   BSRP assists lower-income homeowners in repairing their houses, with a focus on preserving the city’s aged housing stock. The program will be extended to those making 100% of the area median income, aiming to repair 7,500 homes.

4. Affordable-Housing Production ($79.5 million)

   This initiative aims to provide local funds to projects with an affordable component, reducing dependency on federal subsidies. The goal is to create 1,500 new units.

5. One-time Payments for Back Rent ($70 million)

   This program will cover rent backlog for tenants through one-time payments to landlords, helping to prevent evictions. The goal is to serve 11,000 households.

6. One Philly Mortgage ($50.7 million)

   This program aims to provide fixed-rate loans to first-time homeowners who may not qualify for conventional loans. The goal is to assist 3,000 households.

7. Expansion of the Philly First Home Program ($50 million)

   This program provides down payment and loan closing cost assistance for first-time homebuyers. The grants are available to those making less than 100% of the area median income, with a goal of assisting 4,000 households.

Other Programs and Initiatives

• Rental-subsidy program
• Alleyway maintenance
• Homelessness prevention
• Program to help people with disabilities adapt their homes

Housing Shortage and Addressing Different Income Brackets

Philadelphia currently faces a shortage of 17,000 units in undersupplied areas. The administration aims to allocate funds to address the housing crisis across all income brackets, ensuring that both low-income and middle-class residents receive support.

Challenges and Commitment

As the Trump administration plans to cut affordable-housing programs, Mayor Parker may face pressure to allocate more funds to the lowest-income households. However, she remains committed to assisting households at various income levels and addressing the housing crisis as a whole.

SDGs, Targets, and Indicators

SDGs, Targets, and Indicators

1. SDG 1: No Poverty

   • Target 1.4: By 2030, ensure that all men and women, in particular, the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership, and control over land and other forms of property, inheritance, natural resources, appropriate new technology, and financial services, including microfinance.
   • Indicator: Number of households served by the affordable-housing production program.

2. SDG 4: Quality Education

   • Target 4.3: By 2030, ensure equal access for all women and men to affordable and quality technical, vocational, and tertiary education, including university.
   • Indicator: Number of households served by the Turn the Key program.

3. SDG 11: Sustainable Cities and Communities

   • Target 11.1: By 2030, ensure access for all to adequate, safe, and affordable housing and basic services and upgrade slums.
   • Indicator: Number of households served by the affordable-housing preservation program.
   • Indicator: Number of households served by the Basic Systems Repair Program (BSRP).
   • Indicator: Number of households served by the one-time payments for back rent program.
   • Indicator: Number of households served by the One Philly Mortgage program.
   • Indicator: Number of households served by the Philly First Home program.

Table: SDGs, Targets, and Indicators

Source: inquirer.com