Approving the final Neighborhood Preservation Initiative Program Statement and Budget, which allocates the expenditure of the remaining $50 million of funding by various agencies for the Neighborhood Preservation Initiative Program.

Approving the final Neighborhood Preservation Initiative Program Statement and Budget, which allocates the expenditure of the remaining $50 million of funding by various agencies for the Neighborhood Preservation Initiative Program. WHEREAS, On May 13, 2022 The City Council of Philadelphia approved Bill Number 210203, which established the Neighborhood Preservation Initiative and authorized the City to borrow $400,000,000 to provide affordable housing, commercial corridors improvements, and neighborhood infrastructure programs, including the financing or refinancing of certain costs in order to encourage the provision of healthful homes and a decent living environment, eliminate blight, preserve critical affordable housing, respond to inadequacies in the supply of residential owner-occupied and rental housing in the City, encourage the provision of adequate places for employment, and promote economic activity to improve the health, safety and welfare of residents of the City; and WHEREAS, The budget for the final allocation of $50 million was created following the redistribution of the penultimate $150 million allocation in 2025, which fulfilled the outstanding funding obligations for all programs except neighborhood infrastructure improvement programs, as detailed in Exhibit “B”; and WHEREAS, The City has prepared a Neighborhood Preservation Initiative Program Statement and Budget establishing a budget for the final allocation of $50 million in funds to be generated by a bon…