The Parker administration has issued the first $400 million in bonds to support Mayor Cherelle Parker's push for 30,000 affordable homes.
Treasurer Jackie Dunn says the sale went very well for the city: “We had very good reception from the market and we had more demand from investors than we had bonds to sell, and so we were able to reduce the cost to the city by $6.8 million over the 20 years."
The mayor had hoped to issue the bonds for the HOME initiative last spring. That was delayed by a dispute with City Council over how the money would be spent.
A second $400 million bond sale is planned for late next year.
(Photo credit: Dominique Johnson/City of Philadelphia)