PHILADELPHIA (WPVI) -- Philadelphia City Council has sent Mayor Jim Kenney a $400-million plan focused on preserving the city's neighborhoods.
Council says the plan would address racial and economic disparities magnified by the COVID-19 pandemic.
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"These disparities are growing, and the need to address them is urgent. We need to act to create a more equitable future for every Philadelphian and every neighborhood," Council President Darrell L. Clarke said in a press release.
The Neighborhood Preservation Initiative will use bonds to fund the restoration of shopping corridors, create new affordable housing, help first-time homebuyers, aid renters trying to avoid eviction, and assist people in making home repairs
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Supporters say the bill will inject billions into the economy, and add thousands of jobs over the next four years.
Revenue from a 1 percent development impact tax, and 10 percent reduction in the commercial real estate tax abatement, will pay off the bonds.
