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Administration details HOME initiative; Council presses on preservation, Neighborhood Restorations portfolio and HOME bond timing
Summary
Administration described the HOME initiative and two planned $400 million home borrowings, $151 million in new housing investments and preservation money; Council members pressed for a swift preservation strategy for a 925‑unit Neighborhood Restorations portfolio and asked how $46 million preservation funding will be used.
The administration presented the HOME initiative and related housing investments to Council as part of the FY27 proposal. Officials said the five‑year plan includes two $400 million bond borrowings for a home initiative and $151 million in new housing investments that would support land bank work, a proactive rental inspection program and modular housing production.
Preservation opportunity: Council members flagged a near‑term preservation opportunity — a 925‑unit portfolio (Neighborhood Restorations) that represents roughly 12% of the city’s government‑contracted rental housing set to expire within the next decade. Councilmembers said the portfolio includes a mix of single‑family row homes and rental properties in gentrifying areas and urged the administration to prioritize resources to preserve affordability before contracts expire.
Administration response: Staff said preservation is a priority and that the HOME bond includes preservation money; they described a joined process to develop a citywide preservation strategy and said they expect to make $46 million available for preservation as part of the first‑year spending discussions. The administration emphasized the need for condition assessments and fiscal alignment before making binding commitments on a specific portfolio.
Program delivery and backlog: PHDC’s David Thomas said the Basic Systems Repair Program backlog included roughly 5,000 expressions of interest and the agency processes about 1,000 a month; he said bond proceeds will accelerate processing but supply‑chain and contractor capacity remain constraints.
Next steps: Council requested a timeline and specific commitments for preservation funding, a report on the Neighborhood Restorations portfolio condition assessments and confirmation of how the HOME bond preservation allocation will be deployed.
