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Allentown council adopts 0.5-point realty transfer tax increase to fund housing program
Summary
City Council adopted Bill 92, raising the realty transfer tax from 2.0% to 2.5% to create a dedicated housing fund for home repairs, blight remediation and owner-occupancy tools; sponsors estimate about $3.2 million annually and require annual plans and a five-year independent review.
City Council voted to adopt Bill 92, an ordinance amending the city’s Realty Transfer Tax Ordinance to raise the realty transfer tax by 0.5 percentage points — from 2.0% to 2.5% — with revenue directed to a dedicated housing fund administered by the Department of Community and Economic Development (CED).
Councilmember Napoli, who sponsored the measure, said the increase is intended to “level the playing field” for residents amid investor purchases of city housing stock. Napoli told council the city’s finance department found investors…
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