The Philadelphia Housing Authority is preparing to sell hundreds of properties.
Philadelphia Housing Authority Executive Director Michael Kelly says the goal of the November 16th selloff is to encourage development in the city.
“We have 400 properties that are vacant and available for the private sector to invest in,” said Kelly. “The goal is to replace the broken teeth of these neighborhoods by having folks that are willing and able to do the kind of modernization work or fresh construction work to fill in a lot of these blocks.”
Kelly says this sale is going to be for people who want to do the construction right away.
“There won’t be a lot of land-banking or a lot of flipping. The idea is to have committed investors to come in to work with the neighborhood and to work with the Housing Authority to make these neighborhoods better,” he said.
PHA has 1,100 properties that are not fit for occupation. After selling 400, it will work with neighborhood groups to rehab or develop 500. Another 100 will be done in partnership with the city. Proceeds of the auction will be used to maintain or renovate the authority’s scattered site housing.