Housing Trust Fund To Grow

Photo: Bradley Maule PhillySkyline.com

Amidst a massive decrease in federal funding for housing and community development, there is some good news coming out of Harrisburg.

Today, Governor Corbett signed a bill, written by Representative John Taylor (R-Northeast Philly), that authorizes the city to increase its the Housing Trust Fund by $3.5 million to $10.5 million annually. Dedicated funding for the Trust Fund comes from deed and mortgage recording fees. During the recession, these fees declined to about half their 2005 level, putting the Trust Fund at risk.

The trust fund is used by the city and community development corporations to augment other funding streams for the construction of low and moderate income housing.

The bill passed after a lobbying effort led by the 90 member Philadelphia Association of Community Development Corporations (PACDC).

Last year, according to Rick Sauer, the PACDC executive director, the trust fund provided or improved housing for more than 850 low and moderate income households, leveraging more than $80 million in non-city funds.

The expansion of the trust fund will be paid for by an increase of $30 in the deed and mortgage recording fee.

Sauer says the trust fund increase comes at a time when federal funding for housing in Philadelphia has dropped about 30 percent in since 2010, but also as efforts are underway to secure dedicated funding through Marcellus Shale fees for a new State Housing Trust Fund. The Senate has already passed a bill that potentially would employ some of the fees for housing initiatives beyond the shale region.

About the author

Nathaniel Popkin is co-founder of the Hidden City Daily and author of three books of non-fiction, including Philadelphia: Finding the Hidden City (with Peter Woodall and Joseph E.B. Elliott) and two novels, Everything is Borrowed and Lion and Leopard. He is co-editor of Who Will Speak for America, an anthology forthcoming in June 2018, and the senior writer of the film documentary "Philadelphia: The Great Experiment."



Leave a Reply

Comment moderation is enabled, no need to resubmit any comments posted.

Recent Posts
Sixty Years Of Holiday Cheer At Wanamaker's

Sixty Years Of Holiday Cheer At Wanamaker’s

December 12, 2018  |  Last Light

Patrick Glennon gives us a look at the origins of a holiday tradition at the Wanamaker Building > more

City Archives Opens New HQ In Northern Liberties

City Archives Opens New HQ In Northern Liberties

December 6, 2018  |  Buzz

New digs in NoLibs for the Philadelphia City Archives. Michael Bixler has the details > more

Give a Gift, Get a Gift: 2018 Fund Drive Perks Are Here

Give a Gift, Get a Gift: 2018 Fund Drive Perks Are Here

December 6, 2018  |  Uncategorized, Vantage

Our annual fund drive is in full swing and this year's perks are better than ever, so have a look. Not to mention: all donations will be matched dollar for dollar by NewsMatch! > more

Architecture Trips The Light Fantastic in <em>Philly After Dark</em>

Architecture Trips The Light Fantastic in Philly After Dark

December 4, 2018  |  News

The Athenaeum of Philadelphia shines a light on local architecture at night with their illuminating exhibition, "Philly After Dark." Greg Prichard has this review > more

#GivingNEWSDay Is Here!

#GivingNEWSDay Is Here!

November 27, 2018  |  News

Double your donation to Hidden City today and help us get to the next level of journalism > more

When The United Nations <em>Almost</em> Chose Philly For Its HQ

When The United Nations Almost Chose Philly For Its HQ

November 23, 2018  |  Last Light

With the news of Philly losing Amazon HQ2 to New York and D.C., Patrick Glennon takes us back to 1945 when the City nearly convinced the United Nations to built its headquarters in Fairmount Park > more