At its most recent stated meeting, Philadelphia City Council greenlit Mayor Cherelle Parker’s signature housing initiative, H.O.M.E. (Housing Opportunities Made Easy)—a $2 billion plan to create and preserve 30,000 housing units over the next several years.
What Landlords Should Know:
- Funding Overview:
- The initiative is supported by an $800 million city bond, plus $1 billion in city land/assets and additional public funds.
- Housing Targets:
- 13,500 new housing units will be constructed
- 16,500 existing units will be preserved
- 20,000 units are aimed at families earning around $50,000
- Most assistance is directed toward households earning under $100,000
- Expanded Housing Programs:
- Basic Systems Repair Program — free home repairs for income-qualified homeowners
- Turn the Key — workforce housing on city land for first-time homebuyers
- One Philly Mortgage — 30-year fixed-rate loans for households up to 120% of Area Median Income (AMI)
- Philly First Home — down payment and closing cost assistance
- Landlord Repair Loans and Tenant Rental Assistance
Costs & Concerns:
- The bond will cost taxpayers an estimated $1.3 billion over 20 years, including interest.
- A Project Review Team will oversee spending, and City Council will receive quarterly and annual reports.
- Some Councilmembers expressed concerns about the full upfront funding and whether the plan does enough to support the lowest-income residents.
- Separate Philadelphia Housing Authority (PHA) initiatives are expected to address deeper affordability needs.
Ultimately, Mayor Parker’s H.O.M.E. initiative marks a major investment in housing—combining new construction, preservation, and financial assistance—while sparking continued debate over affordability priorities and long-term impact.