Crafting a $2 Billion, 30,000 Unit Housing Plan in Philadelphia
PolicyMap
This was written by Angela Brooks, Chief Housing & Urban Development Officer, City of Philadelphia; Jessie Lawrence, Director, Department of Planning & Development, City of Philadelphia; and Ira Goldstein, Senior Advisor, Policy Solutions Group, Reinvestment Fund.
A Housing Plan for Philadelphia
Philadelphia candidate for Mayor Cherelle L. Parker promised that if elected Mayor, she would create or preserve 30,000 housing units. This bold promise was made because we are living in a moment when the breadth and depth of the housing challenges facing Philadelphians (and families across the nation) are extraordinary. In Philadelphia, we have the related problems of availability and affordability. That is, we are short housing units in many segments of the Philadelphia housing market, and the housing units that we do have are financially out of reach for far too many of us.
Approximately six months into her first term as Mayor, Parker tasked her leadership team with producing a concrete plan to address the multiple dimensions of Philadelphia’s availability and affordability challenges. This plan, named Housing Opportunities Made Easy (H.O.M.E.), relies on more than $2 billion to achieve its 30,000-unit goal. Funding for HOME includes the sale of $800 million in bonds (two tranches of $400 million, sold as bond proceeds are invested). Further, the City will invest in public land, valued at $1 billion. Also supporting HOME are funds from HUD (e.g., CDBG, HOME, HOPWA, ESG), the City’s General Fund, philanthropy, and outside investments. Taken together, these funds will support the creation of 13,500 new homes and the preservation of 16,500 homes. These targets will be accomplished through the continuation, or enhancement of, existing programs as well as some new programs and products meant to address one or another of the demonstrable housing issues confronting Philadelphians. Aside from the financial investment, the City undertook a critical self-examination of its agencies and processes. All will implement policy, legislative, and procedural changes designed to reduce the time and expense associated with the creation or preservation of housing.
