In order to offset the impact of a $740,000 local cut in the Federal Community Development Block Grant Program, Philadelphia will provide additional funding for its Housing Trust Fund. This additional funding will be achieved by increasing the deed and mortgage recording fees by $5, effective July 28th, 2014. This change is expected to raise $750,000 in additional funding for its Housing Trust Fund. The Philadelphia Housing Trust Fund supports development of affordable housing in Philadelphia.
Beth McConnell from Philadelphia Association of Community Development Corporations offered testimony to the Philadelphia City Council’s Committee on Finance in support of this change. To learn more about this change, read Ms. McConnell’s testimony by clicking below!