Rising rents in Philadelphia and expiring 30- and 40-year federally assisted affordable housing contracts are combining to present a major challenge for Philadelphia public officials: balancing the interests of tenants living in affordable housing with those of their landlords seeking to take advantage of expiring contracts.
Councilmember Jamie Gauthier’s newly passed People’s Preservation Package seeks to halt the potential freefall for federally assisted affordable housing (affordable housing) in Philadelphia. According to the National Housing Preservation database, Philadelphia has more than 34,000 affordable housing units. Estimates indicate that over 1/3 of these units could cease to exist in the next decade.
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