Philadelphia LGBT housing project receives 19 million dollars in public financing; dmhFund; Pennrose Properties

Catching up on April's news, we see the CBS Philadelphia affiliate and Marketwatch.com with the story of a publicly financed housing project for the benefit of elderly LGBT seniors.

The Pennsylvania Housing Finance Agency (PHFA) voted on Thursday, April 12 to provide a reservation of Low Income Housing Tax Credits --an official "green light" that now will generate up to $11 million dollars for the LGBT-friendly affordable senior housing facility co-developed by the dmhFund and Pennrose Properties. This new public-private housing initiative, conceived in the heart of Philadelphia's downtown lesbian, gay, bisexual and transgender neighborhoods, is considered among the first such elder housing facilities of its kind in the U.S.

This critical stream of funding will allow the $19 million project to move forward and break ground as early as September 30th. The co-developers had already raised $6 million from the Commonwealth's capital development program and $2 million from the City's Office of Housing and Community Development.

"For years, developing a unique facility in the heart of Philadelphia's gayborhood where our most vulnerable LGBT elders could live out their golden years was our pie-in-the-sky idea," dmhFund President Mark Segal said. "But today, we can say for certain, that pie-in-the-sky idea will become a reality."

The Marketwatch article goes on to say that the project will not exclude those who are not LGBT. (If it were exclusive to LGBT, I do not know how such a policy would be enforced.) It is legal to create housing exclusively for seniors under certain circumstances.

Philadelphia City Council must recognize Sunshine Law; HAPCO

Two weeks ago, Pennsylvania's Supreme Court struck down Philadelphia City Council's ban on public comments at council meetings. The ruling results from a 2007 lawsuit filed by PROA affiliate HAPCO. The ruling is based on and enforces Pennsylvania's Sunshine Law.

Philadelphia property tax increase.

The Philadelphia City Council has approved a 9.9% hike in property taxes, together with increases in trash fees. This will have the usual dampening effect on real estate values in the City. As costs increase (especially taxes), net operating income declines and sale prices decline. On the bright side, with comparable sales numbers declining, those owners who manage to hang on to their properties will have a better chance at challenging their tax assessments.

The tax hike awaits final approval next week.

NBCPhiladelphia.com reports that the tax hike is supposed to be "temporary" - lasting only two years. But do not count on this tax increase going away, regardless of how they characterize it now.

Philadelphia, 19104, 19148, 19145; CNBC's hottest zip code list

CNBC recently posted the "Hottest Zip Codes for Home Prices" and Philadelphia has three zip codes in the top 15. Zip Codes 19104, 19148, and 19145 ranked 14th, 3rd and 2nd based on year-over-year price increases ranging from 13.5% to 19.1% for the third quarter.