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Council sought to create separate funds for recording fees and construction payments within Housing Trust Fund.

Official:Amending Chapter 21-1600 of The Philadelphia Code, entitled "Housing Trust Fund," to authorize the establishment of separate sub-funds to receive, respectively, revenues attributable to recording fees and revenues attributable to certain payments required upon construction of certain real estate; to provide for and authorize the manner in which such revenues may be appropriated and spent; and to designate the agency within City government responsible for administering the Housing Trust Fund; all under certain terms and conditions.

Sponsor: Councilmember Quiñones Sánchez

Introduced: April 12, 2018

: Committee on Finance

finance government housing

Plain-Language Summary

This bill creates separate sub-funds within the Housing Trust Fund to manage revenues from recording fees and construction payments. The funds will be administered by the Department of Planning and Development's Division of Housing and Community Development.

What This Bill Does

AI-written. Every figure is checked against the bill text.

The bill creates separate sub-funds within the Housing Trust Fund to manage revenues from recording fees and construction payments.
The revenues from recording fees and construction payments will be received by the Housing Trust Fund and distributed to the respective sub-funds.
The Department of Planning and Development's Division of Housing and Community Development will be responsible for administering the sub-funds.
The bill provides for the manner in which the revenues from the sub-funds may be appropriated and spent.