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Mayor Cherelle Parker says her administration is working on a plan to potentially save nearly 1,000 affordable rentals scattered across West and Southwest Philadelphia.
The announcement, relayed in a formal statement released this week, marks the administration’s first public commitment to playing a role in preserving these units after more than a year of relative silence.
“The city remains committed to doing our part and continuing the work. But preserving these homes will require all of us, including strong intergovernmental support that includes resources from the local, state, and federal government,” Parker said.
The properties belong to Neighborhood Restorations and were built with federal tax credits that have kept them affordable for decades. Those credits are expiring on a rolling basis as the company’s owner, Jim Levin, seeks to sell the portfolio and retire.
Levin has said he would like the city to invest in these properties so they can remain affordable into the future. That sparked a grassroots campaign aimed at getting the Parker administration to commit funding for the proposal.
Roughly 3,000 residents rent from Neighborhood Restorations. Many of those tenants fear they will be displaced if the properties are sold to a market-rate developer and not a buyer, or group of buyers, backed by city dollars.
Until this week, the mayor had said little publicly to reassure tenants. That changed Tuesday with the formal statement, released not long after the start of a related rally with tenants and elected officials in front of City Hall.
“We are glad to hear that the administration is paying attention to the sale of our homes but we urge them to act now before it’s too late,” said the OnePA Neighborhood Restorations Tenant Committee in a statement. “We know that the funds exist and affordable financing plans have been developed. The city has $800 million for affordable housing. If it’s not for this, what? If not now, when?”