City unveils first phase of affordable housing plan, to include housing in Point Breeze and Grays Ferry
On Monday, the city unveiled the first phase of their effort to move forward the affordable-housing plan in areas including South Philly’s Point Breeze and Grays Ferry.
Through this program they hope to bring more affordable housing for moderate-to-middle class families to the neighborhood.
More from the Daily News:
A pilot program of the larger initiative in Point Breeze, Grays Ferry and Francisville has resulted in the city issuing five requests for proposals to build 77 homes, Clarke said.
Like the pilot program, under the workforce-housing plan the city will give developers city-owned vacant lots for nominal fees in exchange for building homes to be sold at below-market value to families with incomes between 80 to 120 percent of area median income. A family of four with an annual income of $65,000 would qualify, Clarke said.
The reduced home prices must be maintained for 10 years, regardless of resale. The 10-year affordability period will renew with any resale of a unit built under the initiative during the affordability period, officials said.
These homes would then be sold for somewhere between $180,00 and $230,000. This initiative is also happening in Francisville in North Philadelphia.