that are coming in and having the ability to buy property in the city of
Allentown. He stated most importantly all the funds received from the 0.5
percent increase, exclusively goes into a Housing Fund under our CED
department and that fund is going to be tasked with addressing housing
initiatives in the city and as they all know most of Center City was built back
in the late 1800s and early 1900. He stated that the stock is aging and it
needs TLC, it needs work and it needs help before it deteriorates. It gets
to a point where, it is very difficult to save. He stated lastly, a study was
completed and many of you know that our CD department conducted a
study called Welcome home. The City of Allentown has housing needs
assessments. He stated for those of you, it is 90 pages and it is on the
city's website. He stated that if you go to CED, you can click on it and it's a
really good Report from a consultant on what needs to be done in the city of
Allentown going forward and most importantly what the budget is. He
stated that this legislation is providing a reliable source of revenue. He
stated for us to or our CED department to accomplish these goals, we
need a reliable source of revenue. Something they can count on year after
year and this Deed Transfer Tax if approved tonight would bring in
approximate $3.2 million a year for them to accomplish their goal. Lastly,
the public does deserve transparency and accountability so the legislation
does mandate that the CED department must present an annual action
plan to future City Council's detailing their plans each year of what they plan
to do with these funds. Also, they have to present an Annual Report to
detail what was actually accomplished and at the five year anniversary.
They report from an independent source to be given to a future City Council
detailing the effectiveness of the program and whether to continue to go
forward. It is something that will give future City Council's annually a chance
to understand what there plans are, what they are accomplishing and hold
them accountable. He stated that is really a legislation there and regarding
the funds every year regardless, they haven't gotten in exactly what they are
going to do, but what they talked about based on the consultants' plan on
home repairs for seniors and vulnerable residents who are at the risk of
losing homes due to major repairs. They also talked about blighted homes
and getting them remediated and back into the home the hands of
homeowners and these goals can be accomplished with tools for instance
using deed restrictions to make sure these properties are owner occupied
going forward instead of rentals and also using liens so that when the
property is sold down the road, the city gets that money back for the
repairs. He stated that there are tools at our disposal that will continue to
replenish the funds over the next decade or two decades. He stated that
there is a lot we can do. He stated that they can work with renters. They
can work with a lot of different ways to help homeowners and residents in
the city of Allentown and try to really address our housing stock. He stated
that it really needs a lot of attention. It has been neglected for decades and
this is an opportunity with a reliable source of revenue to actually start
addressing some of our needs. Thank you.
Mr. Daryl Hendricks thanked Mr. Napoli and stated Mr. Zucal.