HAPCO Philadelphia feels It’s potentially good news if councilmembers also adopt a new state law creating tax abatements in dilapidated areas.
Rental property developers have complained for years that they can’t afford to build low-to-moderate-income housing without some sort of financial incentive.
The bill’s author, Council President Darrell Clarke, says another bill needs to be passed to establish the tax incentives before City Council can create abatements in Philadelphia. But HP says there’s no telling how fast that could occur.