A new study finds investors are snapping up properties in neighborhoods like Germantown and Cobbs Creek — and it could change who can afford to live there.
2 weeks ago
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Housing near Fairmount Park in Philadelphia (Kimberly Paynter/WHYY)
Philadelphia Mayor Cherelle Parker made a sweeping promise to build, acquire, or preserve 30,000 units of affordable housing in just eight years. Two thirds of those units hinge on a plan from the Philadelphia Housing Authority. The agency has an ambitious $6.3 billion goal to overhaul public housing in the city.
PHA’s CEO, Kelvin Jeremiah, says he wants to modernize existing units, buy new properties and expand affordable housing options in underserved areas. He’s shifting away from aging high-rises towards state-of-the-art, community-oriented spaces that resemble market-rate real estate.
With the mayor on board, the path to execution of the plan seems pretty straightforward. But with funding from D.C. potentially in limbo, can PHA make it happen?