Philadelphia Mayor Parker Reveals $2B Housing Initiative for 30,000 Units

Mayor Cherelle Parker has announced a $2 billion Housing Opportunities Made Easy (H.O.M.E.) initiative aimed at building and preserving 30,000 homes in Philadelphia, marking the largest investment in the city's housing history. The plan includes the construction of 13,500 new homes and the preservation of 16,500 existing units, along with the introduction of new programs to assist renters and homeowners. Key components involve the expansion of existing programs like Turn the Key and the Basic Systems Repair Program, as well as new initiatives such as a Land Bank Acquisition Fund to acquire tax-delinquent properties. Parker's administration plans to borrow $800 million to fund the initiative, supported by public funding and the sale of city assets. City Council members have expressed support for the proposal, emphasizing its importance in addressing the affordable housing crisis. The administration aims to expedite the plan's implementation, with efforts to have shovels in the ground as soon as possible.