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Description
Mar. 17, 2014 - Flanked by community and construction leaders, City Council President Darrell L. Clarke (5th District) on Monday announced the launch of the 1,500 New Affordable Housing Units Initiative, which addressed the related crises of severe affordable housing shortages and growing income inequality and socioeconomic segregation across Philadelphia.
For more information: phlcouncil.com
Videographer/Editor/Producer:
Teresa M. Lundy, City Council Media Fellow
A
Today
we
have
here
in
a
group
of
individuals
that
most
people
hold,
if
not
all,
and
very
high
esteem
that
are
prepared
to
discuss
and
talk
to
you
about
their
support
for
this
very
important
initiative.
Of
course,
as
always,
the
City
Council
is
a
team,
and
the
team
must
council
members
here
today
include
Bobby
Heenan
marks,
Willa
Kenyatta,
Johnson,
Cindy,
bast,
Janie
Blackwell,
and
not
missing
anybody
else
and
I'm
sorry
and
mum,
I'm
majority
leader
right.
A
He
said
that
look
he
gave
me,
and
these
are
members
who
actually,
as
you
will
see
in
the
presentation,
actually
represent
areas
that
have
these,
what
we
call
opportunity
zone.
So
basically,
we
have
a
proposal
that
is
a
will:
have
681
million
dollars
estimated
an
economic
impact
to
the
city
of
Philadelphia.
We
will
be
in
a
position
when
implemented
to
build
in
a
period
of
two
to
three
years:
more
than
fifteen
hundreds
of
housing,
15
units
of
housing,
thousand
rental
housing
and
a
thousand
homeownership
housing,
and
we
believe.
A
These
particular
units
will
be
provided
for
that
group
of
people
who
continue
to
have
difficulty
finding
affordable
quality
housing.
The
simple
reality
is
is
that
there
at
one
point
in
time
were
so
many
people
on
the
waiting
list
for
affordable
housing
with
the
Philadelphia
Housing
Authority
opens
at
ten
thousand
had
to
actually
shut
down
the
application
process.
Every
time,
there's
a
fordable
housing
unit
built
by
one
of
these
developers,
be
it
nonprofit
or
for-profit.
A
There's
a
line
around
the
corner
for
people
try
to
be
in
a
position
to
take
advantage
of
that,
and
we
have
to
come
up
with
a
strategy,
allows
us
to
leverage
significant
revenues
which
you'll
hear
in
the
presentation
and
accelerate
the
need
and
the
willingness
for
us
to
be
in
a
position
to
have
additional
housing.
Today
you
will
hear
from
representatives
and
then
we'll
get
into
questions
and
get
into
more
specifics
at
a
plan.
After
I
speak,
you
will
have
Ryan
Boyer
from
the
laborers
district
council.
You
will
have
Johnny
Daugherty
from
ibew.
A
B
This
issue
is
a
serious
issue,
one
of
affordable,
decent
housing.
This
is
how
we
rebuild
communities,
and
this
initiative
is
great
because
not
only
the
houses,
when
you
start
building
houses,
you
have
to
build.
Businesses
sustain
the
people
that
are
in
those
neighborhoods,
so
it's
the
start
of
a
vibrant
community
and
we
at
the
philadelphia
building
trades
and
at
the
labors
district
council,
Philadelphia
vicinity
wanted
partner
with
you
in
any
way
we
can
to
bring
this
to
fruition
and
to
make
sure
it's
a
resounding
success.
C
Hi,
my
name
is
Anne
Fedun.
I'm
president
of
the
building
industry
association.
I
too,
would
like
to
congratulate
council
president
Darrell
Clarke
and
the
City
Council
for
taking
on
this
very,
very
important
issue.
The
members
of
the
building
industry
association
build
housing
in
the
communities
we
build,
affordable
and
market
rate
housing.
I
think
the
need
for
affordable
housing
in
this
city
is
well
documented.
C
A
lot
of
the
traditional
resources
that
we've
all
looked
towards
as
being
able
to
finance
that
type
of
housing
have
been
drying
up,
particularly
the
government
resources,
and
this
needed
some
bold
and
creative
thinking.
So
we
are
thrilled
to
be
here
today
and
stand
ready
to
support
this
in
any
way
that
we
can.
Thank
you.
D
Good
afternoon
my
name
is:
where
is
great:
I'm
the
president
of
the
Philadelphia
Association
of
Community
Development
Corporation's.
Our
membership
goes
where
no
one
else
wanders
the
for-profit
nonprofit
industry
goes
into
areas
that
are
very
poor.
We
try
to
create
mixed
income
communities
and
used
by
using
the
tax
credits
to
bring
affordable
housing.
9%
credits
without
getting
technical
are
very
scarce
in
the
state
of
Pennsylvania.
D
E
Good
afternoon
my
name
is
Raheem
Islam
I'm,
president
CEO
of
universal
companies,
and
we
do
a
lot
of
portable
housing.
We
also
do
a
lot
of
Education
and
this
is
absolutely
fundamentally
sound
public
policy
we
see
in
today
Philadelphia
in
many
of
our
cities
to
different
cities.
We
see
a
prosperous,
aggressive
wealth
and
then
we
see
neighborhoods,
where
we
see
predominately
dominated
by
african-americans
and
Latinos,
where
you
see
absolute
poverty.
It
just
makes
great
business
sense
for
what
you're
doing
and
it's
at
about
time,
and
we
support
this
1000%
and
we're
behind
you.
1000%.
A
Thank
You
Ryan.
What
what
I
like
to
do
is
ask
her
wetzel
who's,
our
second
of
director,
of
pretty
much
everything
we
need
done
around
here
other
than
Loring.
We
don't
want
her
to
deal
with
that
because
you
don't
have
a
lawyer's
license.
It
asked
her
to
quickly
go
through
the
financing
structure
and
just
kind
of
walk
us
through
this.
The
specifics
of
this
particular
initiative-
and
it
will
very
briefly
get
two
questions.
F
Thank
You
council
president.
We
actually
have
a
board
over
here,
but
I.
Can
the
council
president
challenged
us
to
really
investigate
the
potential
resources
that
could
be
used
to
develop,
affordable
housing
and
the
two
items
that
are
that
came
to
us
and
through
our
research,
was
essentially
two
things?
One
is
there's
a
nine
percent,
low-income
housing,
tax
credit
and
that's
oversubscribed.
We
have
way
more
projects
that
seek
that
credit
then
then,
actually
get
that.
However,
the
state
of
Pennsylvania
also
receives
an
allocation
of
what's
called
volume
cap
that
allows
them
to
do
four
percent.
F
Low-Income
housing
tax
credits
in
any
given
year
we
may
leave
on
the
table.
500
million
in
volume
cap
in
the
state
of
Pennsylvania
volume
cap
allows
you
to
issue
tax-exempt
bond
financing,
but
also,
if
you're,
doing
an
affordable
rental
housing
project.
It
allows
you
to
essentially
sell
a
four
percent
credit,
so
the
model
here
is
that
we
will,
instead
of
this
gap,
being
filled
by
CDBG
funds
or
other
funds.
F
If
we
issued
the
bonds
and
then
we
take
a
hundred
thousand
for
each
unit
of
the
bond
proceeds
put
that
in
a
trust,
account
and
pay
this
4360
per
year.
For
the
next
30
years,
we've
made
possible
the
development
of
low
income,
housing
tax
credit
at
four
percent.
It's
a
different
model
and
it
uses
to
untapped
resources,
operating
subsidies
from
PHA
and
the
four
percent
low
income
housing
tax.
E
F
F
We
want
to
thank
he
consult
solutions
who
helped
us
work
through
the
economic
impact
of
building,
1500,
affordable
units
and
there's
more
detail
in
the
booklet,
but
essentially
the
overall
economic
impact
will
be
681
million,
approximately
4248
jobs
created
and
supported
through
the
construction
spending
of
about
four
hundred
and
sixteen
million
in
labor
income
and
adding
another
518
million
to
the
gross
domestic
product
of
Philadelphia.
At
the
same
time,
nearly
27
million
in
tax
revenue
will
be
generated
from
wage
taxes,
sales,
tax
transfer,
tax
on
the
properties
and
income
from
real
estate
taxes.