Philadelphia City Council sends $400M neighborhood preservation plan to mayor

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.

"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

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.