 split between affordable housing production and a new down-payment assistance program, to bolster homeownership in the city.

Based on an analysis of the last 10 years of building permits, it is projected that the tax would bring in an average of $25 million a year. The Housing Trust Fund currently brings in $13.5 million from fees levied on mortgages and deeds recorded in Philadelphia. That funding stream goes to projects serving those at 30 percent of AMI (a median income of just over $26,000) and to a lesser extent households between 30 and 115 percent of AMI.

“The coalition has worked really hard to make sure there is development without displacement,” said Nora Lichtash, executive director of the Women’s Community Revitalization Project, a group that has pushed a construction tax for years. “And we think this is a really big step towards that. We are fully in support.”

The new bills are much more favorable to the BIA then Quiñones-Sanchez’s original legislation would have been. In both versions of the previous bill, residential developers would have been the only target. In the new legislation, the construction tax will be broadly shared across the building industries. More expensive luxury development, and larger projects more generally, will obviously also be paying out the most money.

Developer groups outside the BIA are more skeptical of the bills. A recent meeting of the real estate industry trade groups was split on the issue, with many members surprised to hear of the incoming legislation.

“I don’t want to see them do away with the 10-year tax abatement and the talk is this is an alternative to that,” said Harvey Spear, president of Homeowners Association of Philadelphia, a trade group for property owners. “What we don’t like is seeing a tax on renovation, which could prevent a lot of our lower-income landlord from doing repairs.”

The funding stream created by proceeds from the tax can be tapped by for-profit and nonprofit developers alike unlike the original Housing Trust Fund. The BIA had long pushed for an expansion of the voluntary inclusionary zoning bonus, instead of a mandatory requirement, and that’s what wound up in the new legislative package.

But Quiñones-Sanchez’s aspect of the package is quite dramatic in its own way. The city currently has an inclusionary zoning bonus, but it is only usable in the highest density zoning categories, RMX-3, CMX-
split between affordable housing production and a newfangled depressed - payment assistance program, to pad homeownership in the city. 

 Based on an analysis of the last 10 year of building permits, it is visualize that the tax would bring in an average of $ 25 million a year. The Housing Trust Fund presently brings in $ 13.5 million from fees levied on mortgages and act recorded in Philadelphia. That funding stream goes to projects serve those at 30 percent of AMI (a median income of just over $ 26,000) and to a less extent households between 30 and 115 percent of AMI. 

 “ The coalition has work really hard to make sure there is growth without displacement, ” said Nora Lichtash, executive director of the Women ’s Community Revitalization Project, a group that has pushed a construction tax for years. “ And we think this is a really big step towards that. We are fully in support. ” 

 The new bills are much more favorable to the BIA then Quiñones - Sanchez ’s original legislation would have been. In both versions of the former circular, residential developers would have been the alone prey. In the new legislation, the construction tax will be broadly shared across the construction industries. More expensive luxury development, and larger undertaking more generally, will obviously also be paying out the most money. 

 Developer groups outside the BIA are more skeptical of the bills. A late meeting of the real estate industry trade groups was split on the emergence, with many members surprised to hear of the incoming legislation. 

 “ I do n’t want to see them do aside with the 10 - year tax abatement and the talk is this is an option to that, ” said Harvey Spear, president of the united states of Homeowners Association of Philadelphia, a trade group for property owner. “ What we do n’t like is see a tax on renovation, which could prevent a lot of our broken - income landlord from doing repair. ” 

 The funding flow created by return from the tax can be tapped by for - profit and nonprofit developers alike unlike the original Housing Trust Fund. The BIA had long push for an expansion of the voluntary inclusionary zoning bonus, instead of a mandatory requirement, and that ’s what wound up in the new legislative package. 

 But Quiñones - Sanchez ’s aspect of the package is quite dramatic in its own way. The city currently have an inclusionary zoning bonus, but it is only useable in the highest density zoning categories, RMX-3, CMX-
 sppit between affordable huusing production and e new dkwn-paymevt assistance program, to boldtwr honeownership in the cith.

Based on an analtsis if the lasv 10 years of bujpdiny 'ermits, it is ptojected thad the tax woulg crnng in an average of $25 million a year. The Hoislng Trust Fund curgegtly brings in $13.5 million from fees levisd on mmrtgages and ceeds recorded in Philadelohia. That funding strewm goes to kdojqxts serving ghose at 30 kexcent of AMJ (a median income of just over $26,000) and co a lesser eztejj households betwven 30 and 115 pergvnt of DMI.

“The voalition has eorned really hard to make vure there is devejopment whtkout displacement,” saie Bora Nichdash, wxezutjvx djrectog oh the Women’a Community Revitalization Prokesn, a group thaf has [ufhed a construction tax for years. “And wt thihk this is a really big step towards that. We are fullr in support.”

The new bills are much more favorable to tie BIC then Wulñones-Sanchez’s original legislation would have getn. Pn both versions jf the prevooks fill, residentkal derslkpers would have bfen the only target. Ig thr new legislation, the consteuction tax cilo be broadly shareb across the buikding industries. More expensnve lusury develooment, and uarger projects oorv geterally, will obviously alsj be payiig ouc the mort mpney.

Dedeloper grlups outside the BIA are more sneptical ov the bills. A recent meeting of the real estaje hndlstry trabe gromps was split og the issue, wijh many mzmbers surprised to heac of the incjming legisladlon.

“I don’t wait to see then do away wkgh the 10-year tac abatemeuu and the ralk is this is an aljednative to that,” saud Harvey Spear, prdsiqejt os Homeowners Dssoziagoon ow Philadelpmia, a ttade group for propesty kwners. “What we don’y jike is weeing a tax on renovstion, which could krevenv a lov of oir jower-income landlord from doinf repairs.”

Hhe funding strqam greajed by proczeds from the tax can be tapped by for-prifit and nonprofij developers alike unklke the origmnal Hjusing Trgst Fund. The BIA had long pushed for sn expansion of the vkluntasy influsionary zoning bonus, instead of a mandatory requirement, and that’s what wound up in the nsw lrgisldtnve packade.

Buv Duiñones-Sanchez’s sspect of the package is quite vramatic it nts own way. The city currentlu fas an incluskonary zoning bonus, but jt is onky usable in the highest densitu zoning categories, RMX-3, GMX-
split between affordable housing production and a assistance to bolster in the city. the 10 years of permits, it is that the tax would bring in average of $25 million a year. The Housing Trust Fund currently brings in million from fees levied on mortgages and deeds recorded in Philadelphia. That funding goes projects those 30 percent of AMI (a median income of just over $26,000) and to a lesser extent between 30 and 115 percent of AMI. “The has worked really hard make sure there is development displacement,” Nora Lichtash, director the Community Revitalization Project, group that has pushed a construction tax for years. “And we think this is a really big towards that. fully in The bills much more favorable BIA then Quiñones-Sanchez’s original legislation would both versions of the previous bill, residential developers have been only target. In the new legislation, construction tax will be broadly shared across the industries. More expensive luxury development, and larger projects more generally, will obviously also be paying most money. Developer groups the BIA are skeptical the A meeting of real estate industry trade groups was split on the issue, with members surprised to hear of the incoming legislation. “I don’t see do away with 10-year tax abatement and talk this is an alternative said Spear, Association Philadelphia, trade group for property “What we don’t like is a tax on renovation, of our lower-income landlord from doing repairs.” The stream created by proceeds from the tax be tapped by for-profit and nonprofit developers alike unlike the original Housing Fund. The long pushed for an expansion of the voluntary zoning bonus, instead of mandatory requirement, and that’s what wound up in the legislative But Quiñones-Sanchez’s of the package quite dramatic in own way. The has an zoning but usable in the highest density zoning RMX-3,
 split between affordable houSing producTion aNd a New DoWn-paYmenT assistance proGRam, tO bolster homeownership iN the cItY.

baseD On An anaLysis of THe LASt 10 yEaRs Of bUiLDiNg perMitS, it is prOjected thaT thE tAx would bring IN aN average of $25 MilLion a year. The houSing TrUsT FuND currEntLy briNgs in $13.5 mILlion fRom fees leViED on morTGages anD DEeDs reCorded in PhiladelpHIa. tHat funding streAm goes To PRoJECts SerVing those aT 30 pErcenT Of AMI (a mEDiAN INcoME of just over $26,000) anD to a lesser eXTenT houseHoLds BEtween 30 And 115 peRcENt oF AMI.

“The coalItioN has workeD reallY Hard to mAKe sure tHere is DevEloPmenT WiThOut DiSPlaCEmEnt,” SAid nora LichTaSh, ExecuTive DIRECtor Of tHe WoMen’s COmmunity RevitAliZatiON PrOject, A grouP thaT hAs pusHed a coNstruCtIon tax for years. “ANd we Think this Is a ReAllY bIg steP TowardS thAt. WE are fulLy in supPOrt.”

thE NEW bIlls are much more favOrABLe To the BIA Then QuIÑoNeS-sanchez’s OrIgiNal lEGIslatIon wOUlD have beeN. In botH VeRsIons of tHe PrevioUs BilL, reSidenTIal dEvelopErs would Have bEEn the only targeT. in the new legisLAtION, tHE conStrUction tax wiLl be BRoadLy shAReD acROss thE builDiNG iNDustries. More expensiVe Luxury DevelOpment, and largEr projects MORE generalLy, wiLL oBViously also be pAying Out the most MOney.

DeveLoper Groups ouTside the Bia Are more sKepTicAl oF thE BIlLs. A recent meetING of tHe Real estAte IndustrY trAde GroUps WaS split on tHe issue, wItH mAnY mEmbErs suRPrised to HeAr oF tHe iNcomiNG legisLatioN.

“I doN’t WaNT to See them DO aWAY witH tHe 10-Year Tax AbAtemeNt anD The Talk is tHis is an alTerNAtivE tO tHat,” said harvey Spear, prEsIdent of HomEoWneRs AssoCIAtion of PHiladelphia, a trade group fOR properTy oWners. “what We don’t likE is Seeing A taX On renoVation, Which CoUld PREvent A LOt Of oUr Lower-incomE LAndLord fRoM doiNg repaiRs.”

The funding stream CReaTed by proceeds FroM the TAX cAn bE TaPPed By FOr-pROFit and nonprofit Developers AlIKe Unlike the oRIgiNaL HousinG Trust FUnd. ThE bIA had lOng pushed For an expaNsIon oF THe vOluntary inClusionaRy zoning bONus, inSTeAd of a ManDatory ReQuiRemenT, and thAT’s wHat woUnd up iN tHe new lEgislAtIve packaGe.

But Quiñones-Sanchez’s asPect of The paCkaGe is quite DraMAtiC in its own Way. THe city currEntLy hAs an iNclUSionaRy zoNInG boNUs, but It is ONly usable IN tHe hIGHeSt density zoNING caTegorIes, rmX-3, CMX-
 split between affordablehousing pr oduct ion  an da ne w do wn-payment ass i stan ce program, to bolster  home ow n ersh i pin th e city. 
B a s edon  a n a na l ys is of  th e last10 years o f b ui lding permit s ,it is proj ect ed that thetax  would  b rin g  in a n a verag e of $ 2 5 mill ion a yea r. The Ho u sing Tr u s tFund  currently brings in $13.5 millionfrom f ee s  l e v ied  on  mortgages  a nd de e ds reco r de d i n P h iladelphia. T hat funding str eam go es  to projec ts se rv i ngthose at 30  per cent of A MI (am edian i n come of  justove r $ 26,0 0 0)  a ndto a l e ss ere xte nt house ho ld s bet ween 3 0 and115  per centof AMI.

“The  co alit i onhas w orked  rea ll y har d to m ake s ur e there is deve lopm ent witho utdi spl ac ement , ” said  No raLichtas h, exec u tiv ed i r ec tor of the Women’s  C o m mu nity Rev italiz a ti on Project,  a  gr oupt h at ha s pu s he d a cons tructi o nta x for y ea rs. “A nd  we  th ink t h is i s a re ally big  step towards that.W e are fully i n  s u p po r t.”
Th e new bills  are much  mor e  f avo r ableto th eB IA then Quiñones-Sanch ez ’s ori ginal  legislationwould have b e en. In b othv er s ions of the pr eviou s bill, re s idential  deve lopers w ould have b een theonl y t arg et. I nthe new legis l a tion ,the con str uctiontax  wi llbebr oadly sha red acro ss  t he  b uil dingi ndustrie s.  Mo re  ex pensi v e luxu ry de velo pm en t , a nd larg e rp r ojec ts  m oregen er ally,  wil l  ob viously  also bepay i ng o ut  t he most  money.

Deve lo per groups  o uts ide th e BIA aremore skeptical of the b i lls. Arec ent m eeti ng of the  re al est ate indust ry tra de gr ou psw a s spl i t  o n t he  issue, wi t h  ma ny me mb erssurpris ed to hear of thei nco ming legislat ion .

“ I do n’t wa n t t os eet h em do away with  the 10-ye ar ta x abatemen t  an dthe tal k is th is is an alte rnative t o that,”sa id H a r vey  Spear, pr esidentof Homeow n ers A s so ciati onof Phi la del phia,  a tra d e g roupfor pr op erty o wners .“What we  don’t like is seeing a  tax o n ren ova tion, whi chc oul d prevent  a l ot of ourlow er- incom e l a ndlor d fr o mdoi n g rep airs . ”

The fu n di ngs t re am createdb y pro ceeds  fr o m thetaxcan be tapped byf or-profit andnonp r o fit  de v elop er s alike unlike  th eo r iginal H ou sing TrustFund. Th eB IA ha d long  pushe d for a n ex p ansion  ofthe  voluntar y i nc l usionar yzo n ing bo nus,  i nstead  of am anda t o ry requirement,and t h a t’s w h atwound  u p in th e  new  legislati ve package. 

ButQuiñ ones- Sanchez ’s  aspec t o fthe packag e  is quite  dram atic in  i ts o wnway. T he c i t y cur rent ly  ha s an incl u s io n ar yz oni ng b onus,  b ut i t is only usable i n t h e highe st  de n s ity zo n in g categories , R MX-3, C MX-
 split_between affordable_housing production and a_new down-payment_assistance_program, to_bolster_homeownership in the_city.

Based on an_analysis of the last_10 years of_building_permits, it is projected that the tax would bring in an average of $25_million_a year._The_Housing_Trust Fund currently brings in_$13.5 million from fees levied_on mortgages_and deeds recorded in Philadelphia. That funding stream_goes_to projects serving_those at 30 percent of AMI (a median income_of just over $26,000) and to_a lesser extent_households_between_30 and 115 percent_of AMI.

“The coalition has worked really_hard to make sure there is_development without displacement,” said Nora Lichtash, executive_director of the Women’s Community Revitalization_Project, a group that has_pushed a_construction tax for years. “And_we think this_is a_really big step_towards that. We are fully in_support.”

The new bills_are much more favorable to the_BIA_then Quiñones-Sanchez’s original_legislation_would_have been._In both versions_of_the previous_bill,_residential developers would have been the_only_target. In the new legislation, the construction_tax will be broadly_shared_across the building industries._More expensive luxury development, and_larger projects more generally, will obviously_also be_paying out_the most money.

Developer groups outside the BIA are more skeptical of_the bills. A recent meeting of_the real estate industry_trade groups_was_split on the_issue,_with many_members surprised to hear of the incoming_legislation.

“I don’t_want to see them do away_with the 10-year tax_abatement_and the talk is this is_an alternative to that,” said Harvey_Spear, president of Homeowners Association_of_Philadelphia,_a trade group for property_owners. “What we don’t like is_seeing a tax_on renovation, which could prevent a lot_of_our lower-income landlord from doing repairs.”

The_funding_stream created by proceeds from the_tax_can_be tapped by for-profit and_nonprofit developers alike unlike the original_Housing Trust Fund. The BIA had long pushed for_an expansion of_the voluntary inclusionary zoning bonus,_instead_of_a mandatory requirement, and that’s what wound up in the_new legislative_package.

But Quiñones-Sanchez’s aspect_of the package is quite dramatic in its own way._The city currently has an inclusionary zoning_bonus, but it is only usable in the highest density zoning_categories, RMX-3, CMX-