Philadelphia’s housing landscape is set for a major transformation under Mayor Cherelle Parker’s $2 billion housing initiative — a plan designed to make homeownership and affordable living more accessible for residents across the city.

City lawmakers are now reviewing the first-year budget proposal for this ambitious plan, which outlines $194.6 million in funding for 26 programs focused on keeping Philadelphians housed. The programs range from preserving affordable housing and offering low-interest homebuyer loans to supporting tenants facing eviction.

Earlier this year, City Council approved $800 million in bond borrowing to support the initiative. Now, council members are evaluating how those funds will be distributed and who will benefit most.

Nearly half of the proposed budget is dedicated to preserving and creating affordable housing. This includes $37.5 million in affordable preservation funds, which will help developers with renovation projects and property acquisitions. Another $34.7 million is set aside for the Basic Systems Repair Program (BSRP) — a long-standing and popular effort that provides free critical home repairs to homeowners in need.

The remainder of the funding will be divided among a variety of programs supporting both renters and homeowners — all with the goal of strengthening neighborhoods and keeping housing attainable for Philadelphia residents.

As city officials continue to refine the details, this initiative has the potential to reshape the local housing market and provide more stability to families throughout the region.

Source: PlanPhilly, October 6, 2025