Daily News | Council President Darrell Clarke proposes incentive to build affordable housing in one corner of North Philly
City Council President Darrell Clarke on Thursday proposed using a limited property tax abatement to encourage affordable housing development along North Broad Street.
The bill would grant a 10-year property tax abatement to developers who set aside 30% of their units for those at 60% of area median income or less . The rent could not be more than 30% of a household’s income. The bill builds off of a state law sponsored by Rep. Jared Solomon , called the “Affordable Housing Unit Tax Exemption Act.” That law allows municipalities to give tax abatements in exchange for the construction of below-market-rate homes.
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