FOR IMMEDIATE RELEASE: July 10, 2025

PHILADELPHIA – City Controller Christy Brady today issued the latest Municipal Money Matters report that found Mayor Cherelle Parker’s Housing Opportunities Made Easy (H.O.M.E.) Plan will generate an estimated $25 million annually in new real estate tax revenues once all the new units are built.

The Mayor’s proposed H.O.M.E. initiative aims to create, maintain, and rehabilitate 30,000 homes throughout Philadelphia, including approximately 4,750 for homeownership and 8,750 designated as rental units. The estimated $25 million annually will be realized after abatements expire and exemptions are applied.

The initiative would utilize $1 billion in city-owned vacant lots and underused property to support the development of affordable or mixed-income housing. Transforming the currently unused public land will bring in an estimated $110 million for the city and $140 million for the School District of Philadelphia over a 10-year period.

“The city and school district have an opportunity to realize a significant amount of new tax revenues once Mayor Parker’s plan reaches its ultimate goal,” said Brady. “Investing in affordable, quality housing can benefit residents across all neighborhoods, provide new economic opportunities, and support educational resources.”

In June 2025, the Mayor’s Administration and City Council approved the $2 billion H.O.M.E. plan that includes funding sources from the city’s operating budget, two separate bond issuances and publicly owned land that will be transferred to developers. The total bond repayments will be paid over a 20-year period.

In addition to building, preserving and restoring affordable housing units, the initiative will expand existing housing support programs and create new ones including the One Philly Mortgage and Shallow Rent programs.

Visit https://controller.phila.gov/ to view the City Controller’s July 2025 Municipal Money Matters review.

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