Philadelphia lawmakers have started poring over the details of a proposed budget for the first year of Mayor Cherelle Parker’s signature housing plan, a $2 billion initiative centered on dozens of programs designed to help renters and homeowners keep a roof over their heads. The latest proposal calls for an annual budget of $194.6 million for 26 programs, including efforts to preserve affordable housing, provide homebuyers with low-interest loans and help tenants facing eviction. City council previously authorized the city to borrow $800 million in bonds for the plan, but now council members are considering how individual programs will be funded and who they will help. For now, nearly half of the funding would be used for preserving and creating affordable housing, according to the resolution. The sum includes $37.5 million in affordable preservation funds, some of which would go to developers for renovation projects and property acquisitions. Another $34.7 million is earmarked for the Basic Systems Repair Program, a popular program that provides free home repairs. The rest of the funding would help fund a variety of programs for renters and homeowners. Read more at PlanPhilly.
Source: PlanPhilly; 10/6/2025