Real Estate
Home›Real Estate›Residential›Philadelphia housing initiative tops halfway to 30,000…
Philadelphia housing initiative tops halfway to 30,000-unit goal
New deliveries total 4,670 out of 16,394 units counted since January 2024, while the rest funds repairs and homeownership support.
Philadelphia Mayor Cherelle Parker’s HOME Initiative has reached more than halfway toward her 30,000-unit attainable housing goal, with data from a portal released this week showing the program has leaned toward preservation rather than new construction. According to Bisnow, the city counted 16,394 units included in the initiative since January 2024, and 4,670 of those units are new deliveries, or 29%. The remaining units received program funds for repairs and homeownership support.
City officials said they are targeting about 13,500 new units by the end of Parker’s term in 2028, alongside 16,500 units preserved. Bisnow also reported that, of the new units delivered so far, just under half are in areas with 50% to 80% of the region’s average median income, while another 21% are in neighborhoods with between 30% and 50% AMI.
The program’s scale remains modest compared with the city’s overall housing stock. Bisnow said the new units delivered so far equal 0.6% of Philadelphia’s 763,527 housing units in 2024, a figure that officials said would rise to nearly 1.8% if the administration meets its production goals, and officials have argued it is faster to preserve existing homes.
Bisnow reported that three North Philadelphia council districts led the share of new units, accounting for 42% of the total. Those districts include the Seventh District with 717 units, the Fifth District with 712 units covering Brewerytown and Strawberry Mansion, and the Fifth District with 549 units covering East Oak Lane and Olney.