Amending Section 21-1600 of The Philadelphia Code, entitled "Housing Trust Fund," all under certain terms and conditions.

Amending Section 21-1600 of The Philadelphia Code, entitled “Housing Trust Fund,” all under certain terms and conditions. THE COUNCIL OF THE CITY OF PHILADELPHIA HEREBY ORDAINS: SECTION 1. Chapter 21-1600 of The Philadelphia Code is hereby amended as follows: CHAPTER 14-700. HOUSING TRUST FUND * * * § 21-1605. Trust Fund Assets Held in the Non-Recording Fee Sub-Fund * * * (2) Funds appropriated from the Non-Recording Fee Sub-Fund shall be used to fund programs and projects that support Equitable Neighborhood Development for the benefit of households whose annual income, adjusted for size, is less than one hundred [twenty] percent [(120%)] (100%) of the median income of the Philadelphia Metropolitan Statistical Area, as defined by The United States Department of Housing and Urban Development, that: (a) Increase production and preservation of affordable housing for sale or rental; (b) Increase access to homeownership through the provision of down payment and closing cost assistance; and (c) Stabilize and maintain high levels of homeownership in middle neighborhoods. * * *