Resolution 260934

Title Authorizing the Committee on Finance to conduct hearings on the Housing Opportunities Made Easy (H.O.M.E.) plan Body WHEREAS, The City of Philadelphia’s Housing Opportunities Made Easy (H.O.M.E.) plan, approved by City Council in January 2026, plans to invest $2 billion over four years to build, preserve, and restore 30,000 housing units; and WHEREAS, City Council approved a spending plan authorizing $277.5 million for the first phase of the H.O.M.E. initiative, to be spent by the end of the fiscal year, on July 1, 2027; and WHEREAS, As of September 30, 2026, only $37.7 million of the $277.5 million, approximately thirteen percent of the funding approved by Council, had been spent; and WHEREAS, During the June 4, 2025, Committee on Finance hearing on Bill Number 250658, Finance Director Rob Dubow stated City Council should authorize the entire $800 million borrowing to allow the Administration to spend and borrow efficiently, but that the borrowing schedule would depend on the City’s rate of spend; and WHEREAS, As of September 30, the City has spent money on only four of the twenty-nine housing programs authorized for funding through H.O.M.E. and the distribution of the funding is unequal across zip codes; and WHEREAS, The four housing programs which have received funding are the Adaptive Modification Program, the Basic Systems Repair Program, the Built to Last Provides program, and Eviction Diversion Program/Targeted Financial Assistance. The Adaptive Modifications Program and Basic Systems Repair Program accounted for approximately $32.5 million of the $37.7 million spent; and WHEREAS, H.O.M.E is funded through the issuance of bonds which were approved by Philadelphia City Council Bill Number 250658 and Bill Number 251065; and WHEREAS, The City of Philadelphia has previously issued bonds to fund community and infrastructure programs through the Neighborhood Transformation Initiative, Rebuild, and the Neighborhood Preservation Initiative. None of these programs spent $200 million in one fiscal year as was approved for the H.O.M.E. plan; and WHEREAS, Delays in spending impact Philadelphians who would benefit from housing programs and support, as well as erode the value of money authorized by City Council; now, therefore, be it RESOLVED, THAT THE COUNCIL OF THE CITY OF PHILADELPHIA Authorizes the Committee on Finance to conduct hearings on the Housing Opportunities Made Easy (H.O.M.E.) plan. End