Residential Development Tax to Fund Affordable Housing Programs

Residential Development Tax to Fund Affordable Housing Programs
Philadelphia's city council passed the city's first-ever residential development impact tax, a plan that could boost the city budget by $9 million a year.
December 18, 2020, 6am PST | Diana Ionescu |
With a new 1% tax on residential development in Philadelphia, city leaders are moving to fund a $400 million bond package that supports building more affordable housing. The tax will be levied on new construction and is accompanied by a 10% reduction in commercial abatement. The reforms, part of a package known as the Neighborhood Preservation Initiative, will fund a variety of community development and affordable housing programs. In a move seen by many as appeasing developers, the city council also voted to push back the commercial abatement reduction by a year.

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