ESI has been working with the Philadelphia City Council on a project that will bring affordable housing to Philadelphia.
Officials announced in March their plan to increase this city’s stock of affordable housing by using tax incentives and bond proceeds to redevelop 1,500 vacant, city-owned properties over the next two to three years.
The plan is intended to help offset a dwindling supply of low-income housing in a city where some major residential and commercial building projects have recently been announced in upscale areas.
If approved by the full City Council and the administration of Mayor Michael A. Nutter, the plan would, through new construction or rehabilitation of existing buildings, provide affordable rental units and properties to purchase for households whose incomes are 80 to 120 percent of the area’s median income.
ESI’s research was quoted in the article to further the argument that the construction of new housing is a positive plan for Philadelphia.
“Officials said construction spurred by the program would increase local economic activity by $681 million, and result in a one-time increase to city tax revenues of $26.9 million.”