A weekly roundup of real estate news, compiled by Suburban Realtors? Alliance week of: 3/24/2023
Wycombe Station is part of Wycombe Village Historic District, located in Buckingham and Wrightstown townships, Bucks County. Both townships are in the news this week — Buckingham residents are complaining about an odoriferous farm, and Wrightstown granted land development approval to a wedding venue
Weekly News Briefs
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General
Thousands of homeowners still at risk as PA housing agency blames private contractor
The state agency overseeing Pennsylvania’s troubled mortgage relief program has leveled a slew of new accusations against the private contractor originally hired to run it as thousands of homeowners remain stuck in limbo and at risk of further financial harm. The allegations represent a stark reversal from the Pennsylvania Housing Finance Agency. In January, the agency announced that it would end the contract March 31 and run the program itself, but pointedly avoided saying the company, Innovative Emergency Management Inc., was at fault. In a letter dated March 1, PHFA leveled a series of new criticisms at the company, and ended the contract even sooner than planned. The housing agency now says the company failed to deliver what it had promised since the beginning. Homeowners seeking help from the program faced waits as long as nine months and poor communication from caseworkers. Some applicants with overdue utility bills had their service shut off while waiting. Others watched their credit scores plummet as they fell months behind on mortgage payments because of the delays. Read more?here.
Source: Spotlight PA; 3/22/2023
Learn more about NAR’s fair housing action plan
The National Association of Realtors (NAR) fair housing initiative — called ACT! — supports accountability, culture change and training to advance fair housing in the industry. Learn more on?the NAR website.
Source: Nar.realtor; 3/2023
NAR comments on NFIP reauthorization and reform
On March 8, the National Association of Realtors (NAR) submitted?a statement?supporting the National Flood Insurance Program reauthorization and reform legislation for a hearing convened by the House Financial Services Subcommittee on Housing and Insurance. Learn more about flood insurance on?NAR’s website.
Source: Nar.realtor; 3/12/2023?
Bucks
Central Bucks SD has spent $250K on attorney fees and public relations over new policies
Central Bucks School District leaders have drawn criticism over the past year for enacting policies that some call discriminatory. The ACLU of Pennsylvania has filed a federal complaint alleging the policies have created a “hostile environment” for LGBTQ students. The U.S. Department of Education is investigating the district. The school district has?spent at least $250,000?on attorney fees and public relations services since May 2022. Duane Morris LLP was hired to represent the district for the ACLU’s federal complaint and two other complaints filed to the U.S. Department of Education, and Devine + Partners was hired for public relations work. Both the firms’ work appears to have started before their contracts were voted on during public meetings, raising concerns about whether payments are being properly reported to taxpayers. Community members have criticized the district for hiring the firm, calling the decision to use taxpayer dollars to “defend” the district “fiscally irresponsible.” With over 17,000 students, Central Bucks School District is the fourth-largest in Pennsylvania.?
Source: WHYY; 3/20/2023
Effort to save Bucks’ historic deed books continues?
The Bucks County Recorder of Deeds is dedicated to restoring the county’s deed books and preserving the history of county landowners. To that end, the recorder introduced the?Adopt-A-Book Program?to save historic deed books, some of which date back to 1684. The office is having 700 of the oldest books treated and rebound, adding up to 250 years to the life of the documents. For as little as $10, members of the public can adopt one of the deed books, which include documents ranging from papers signed by William Penn to post-Civil War records. Bucks County was one of the first counties that Penn founded, and his original signature can be found in Deed Book 1.?
Source: Bucks County Herald; 3/10/2023
Preserved Buckingham farm is causing a stink
Froehlich’s Farm & Garden Center has been part of Buckingham Township for generations. Much of the 116-acre York Road property was preserved through a conservation easement in 1999. But, in recent years, the farm’s owners and manager have been battling with the township over a host of activities taking place on the site. The most recent conflict over a mulching business at the farm has landed Froehlich’s in court, where Buckingham Township and Bucks County claim the operation violates the agricultural easement, harms residents and pollutes the environment. In court documents, the county alleges the farm is composting wood, telephone poles and “other incidental waste,” and the government claims a “multitude of complaints” of a “horrific odor.” The owners of the farm said they need a compost and mulching operation to stay afloat. Residents complained of the smell of sulfur near the farm, however the state Department of Environmental Protection recently released a statement that said laws prevent it from monitoring air contaminants and air pollution arising from farms.?
Source: Bucks County Courier Times; 3/6/2023 & 3/16/2023; & Bucks County Herald; 3/7/2023
Bucks County Conversations Ep. 15: Repurposing a Historic Home
The African American Museum of Bucks County (AAMBC) is bringing a new purpose to Boone Farm, a centuries-old property located in Langhorne. The soon-to-be permanent home of the AAMBC was once a beacon to African Americans fleeing oppression during the Great Migration. AAMBC president and executive director Linda Salley discusses her journey with the museum in?episode 15 of Bucks County Conversations, a county government podcast. Patricia Mervine, author of the book "Boone Farm: Its People and Place in Middletown History," also joins the podcast to talk about her research into the farm and how her work is benefiting the museum. Each episode of the podcast features topical discussions about the county, including key points of the county commissioners meetings, and discussion of new projects, initiatives and upcoming events.
Source: Bucks County; 3/20/2023
Wedding venue gets land development approval in Wrightstown
Wrightstown Township supervisors recently granted land development approval to a plan that centers on operating a wedding/event business on a 1.26-acre property at 2197 Second Street Pike. As part of land development, property owner Michael Sullivan will install additional driveway paving, provide stone parking areas to create a total of 51 parking spaces, and put in a split-rail fence on the north side of the property, officials said. Supervisors gave Sullivan conditional use approval in February to operate the wedding venue in an existing 5,900-square-foot barn on the property. Among the conditions: the barn can be used for indoor events only, with the exception of an outdoor wedding ceremony; outdoor music is not allowed, again with the exception of a wedding ceremony; and there may be only one event per day — Friday, Saturday and Sunday only — and it must conclude by 11 p.m.
Source: Bucks County Herald; 3/17/2023
March 29 webinar: Use and Occupancy Tips for Bucks County Realtors
Suburban Realtors Alliance and the Bucks County Association of Realtors will hold a webinar on use and occupancy (U&O) issues. The webinar, "Use and Occupancy Tips for Bucks County Realtors," will be held Wednesday, March 29, at 1 p.m. on Zoom. It will offer a quick refresher and overview of how the Alliance — which is a member benefit for all BCAR members — can help Realtors before and during the municipal use and occupancy process. It will cover known trouble spots in Bucks County and tips for working with municipalities. The webinar will be hosted by SRA president/CEO Jamie Ridge and board chairperson Maryellen O'Brien. Read more and register on the?BCAR website.?
Chester
Has your Chester County buyer received notice of a reassessment??
Has your buyer received notice of a county reassessment after purchasing a property? If so, the Suburban Realtors Alliance would like to hear from you at?[email protected], as we try to understand the criteria and methods Chester County uses to determine which properties require a new assessment. The Alliance has engaged in discussions with county officials on the topic previously. In 2021, we reported that the Chester County assessment office observed a significant increase in purchases by LLCs that make improvements to properties and sell them, all without filing requisite permit applications with local municipalities. The assessment office now reviews all property transfers for LLCs, and in some cases the assessments for properties are being adjusted accordingly. Recently, however, we have also heard reports of reassessments on recently sold homes in which no LLCs were involved. One common thread with the latest reassessments is that the county is using MLS photos to determine whether improvements have been made to the property. If a newly finished basement, addition or remodeled kitchen or bathroom is seen in the photos, the county conducts a reassessment of the property.?
Warehouses planned for 237-acre tract in Uwchlan Township
Audubon Land Development has submitted plans to Uwchlan Township to build a Class ”A” distribution center with four warehouses measuring 1.96 million square feet on a 237-acre property just north of the Pennsylvania Turnpike. The property is near the Downingtown Interchange and Route 100, and is bisected by Lionville Station Road. Audubon’s sketch plans submitted to the township show that the builder plans on paving 1,432 parking spaces, or one spot for each employee on the busiest of three daily eight-hour shifts. The plan calls for 308 loading docks, parking for 394 trailers, and 40 lounges. The property is zoned for Planned Industrial Commercial (PIC) uses. Three conditional uses would be required — for height, for construction of buildings larger than 40,000 square feet, and for more than 200 parking spaces. The height ceiling might be increased from the 35-foot limit to 47-feet, in order to reduce the amount of impervious coverage. The Downingtown Area School District purchased the property in the northern portion of the district in 2006 from Siemens for $22 million and has entered into a contingency sale agreement with Audubon for $96.25 million. The process for approval might last from three to six months, with several opportunities for public comment. Some neighbors of the site say they are opposed to the project due to noise, pollution and concerns for wildlife. Audubon has planned to leave 22-acres of the site for open space open to residents. Read more?here.
Source: Daily Local; 3/21/2023
Kennett Square looks to fill connectivity gaps
The Chester County Digital Alliance, the county planning commission, the Chester County Economic Development Council and the Chester County Intermediate Unit are seeking to address the gaps in coverage of internet services and broadband capability in Kennett. Anyone who lacks internet services and/or broadband capability at their home or place of employment can notify the borough at 610-444-6020 or?[email protected]. The only information needed to report a lack of internet service is a street address. No name or any other information is required. Notifying the borough will help the county develop a solution to address the issue. Questions about the initiative can be directed to the Chester County Economic Development Council at 610-321-8223.
Source: Kennett Square; 3/2023
Community projects in Chester County receive state funding
The Commonwealth Financing Authority recently?approved?funding for projects to improve outdoor recreation, transportation infrastructure, emergency response and public safety, water and sewer infrastructure, and community revitalization in Chester County. Here is a list highlighting some of the funded projects:
Source: Daily Local; 3/18/2023 and 3/20/2023?
Work continues on Coatesville Train Station
Work is well underway on a new?$65 million train station project?in the City of Coatesville. According to PennDOT, the train station will be completed by mid to late 2025. The job includes design, station and streetscape constructions, Amtrak support, and Amtrak track work east of the existing historic station building. City Manager James Logan said that the station will energize the community and have a tremendous impact and ripple effect.?
Source: Daily Local; 3/20/2023
Community Warehouse Project aids low-income residents?
The?Community Warehouse Project of Chester County?(CWP) is a furniture bank that collects donations of lightly used home goods and distributes them to low-income residents so they can get the furniture they need to make their house a home. Chester County’s American Rescue Plan Act funds have been supporting the CWP’s effort. “We have found that, statistically, if a family or a person has been homeless before, and they get housing but don’t have furniture, they are 30% more likely to become homeless again within a year or two,” said Glenda Brion, CWP executive director. The demand for furniture has increased in the six years that the CWP has been operating. The program helps six to 10 households a week.?
Source: Daily Local; 3/19/2023
Housing Partnership looking for bilingual housing counselor
The?Housing Partnership of Chester County?is looking to hire a bilingual (Spanish speaking) housing counselor. The organization is seeking candidates who are eager to learn, work well in small team settings and want to make a positive impact. Anyone interested in the position should contact Sheri Houpf at 610-518-1522 or?[email protected].??
Delaware
Delaware County receives nearly $4.6M to rehab homes
Delaware County Council unanimously approved a program that will invest nearly $4.6 million into rehabbing homes to help people stay in them longer. The program, which runs through the Pennsylvania Department of Community and Economic Development (DCED), will also earmark $200,000 to expand pre-apprenticeship programs in the construction trades. In Delaware County, the Whole Home Repairs Program is anticipated to reach 80 to 100 homes with repairs of up to $50,000 each, although county council is open to considering using other monies, such as the funds provided by the American Rescue Plan Act, to reach even more. The Whole Home Repairs Program has $120 million to spread to counties across the state to address habitability and safety concerns, improve energy or water efficiency, and make units accessible for individuals with disabilities. It also provides the funding for construction-related workforce development. Through the program, homeowners and landlords are eligible to receive up to $50,000 each for upkeep and weatherization measures. Homeowners’ household income must not exceed 80% of the area median income.
Source: Daily Times; 3/21/2023
领英推荐
Swarthmore approves controversial five-story luxury condo building
Despite fierce opposition from some residents, Swarthmore Borough Council approved a measure to enable a $30 million condominium project to be built in the town center. “We are very appreciative of all of the support we’ve received and especially appreciative of borough council’s thorough and professional approach throughout the whole process,” developer Bill Cumby Jr. said in an email after the 6-1 vote authorizing consolidation of several Park Avenue properties his company owns into a single site. Cumby and his son Bill III are among the partners developing the 30-unit 110 Park complex across from the borough hall and library. The project requires demolishing two vintage residential and commercial structures, as well as the back portion of another. Some locals had argued that the five-story complex, which includes a parking garage, will cause traffic and pedestrian safety problems, and damage the borough’s small-town ambience. Mayor Marty Spiegel does not expect 110 Park will open the door to overdevelopment of the town center. “There’s still some room for development there,” he said. Spiegel also said many older suburban communities in the region are seeking to add population density, particularly close to transit. Others in Swarthmore view the project as a boost for a commercial district where some properties are underused despite an influx of new retailers and restaurants in recent years. If construction begins next fall as expected, 110 Park — where prices will range from $600,000 to more than $1 million — should open in the spring of 2025.
Source: Philadelphia Inquirer; 3/15/2023
Teacher contract the main topic at Marple Newtown schools committee meeting
At the recent Marple Newtown School Board Budget and Finance Committee meeting, discussion focused on ongoing budget negotiations between the teachers union and the district. The teachers’ contract expires at the end of June. Teachers in the district claim they are paid less than their counterparts in neighboring districts and that employees’ health insurance plan copays are being raised as well. During public comments, Michelle Graham, a speech language pathologist who works for the Delaware County Intermediate Unit, noted that raises for teachers do not keep pace with those of administrators. In 2022, she said, teachers received no raise while the administrators received a 4.71% raise. School Board President Matthew Bilker said he wants a fair deal for all stakeholders and to avoid an us-versus-them approach. Bilker noted that in the past the board had nine older members, with no children, who never passed tax increases. The district has had a very conservative tax policy over the past 50 years, Bilker said, and it would take time to catch up to neighboring districts’ teacher salaries. “It’s a good objective, and I’m not saying it’s not,” he said. “We want to invest in our teachers and will be prepared to, more so than we have in the past.” Read more in the?Daily Times.
Source: Daily Times; 3/16/2023
County to hold public meetings on sustainability plan
Over the past eight months, the Delaware County Office of Sustainability has been working with community advocates, partners and experts to develop a sustainability plan. The office has focused on six areas: natural resources; energy and efficiencies; transportation; zero waste; climate resiliency; and health and wellness. The county and the office of sustainability will hold four public open houses — three in-person and one virtual — to gather feedback about the goals, targets and actions that have been drafted so far. Attendees will hear a short presentation about the planning process and will be invited to provide their ideas, concerns and suggestions. The meetings will all be held from 6 to 8 p.m. at the following locations: Wednesday, March 29, in Upper Darby; Tuesday, April 4, in Chester; Thursday, April 6, in Media; and a virtual session on Monday, April 10. Read the?press release?for more details.
Source: Delaware County; 3/20/2023
Delco ballot drop boxes open May 1
The Delaware County Bureau of Elections reminds voters that voting by mail in Pennsylvania is quick, convenient and secure. Last November, more than 58,000 Delaware County voters participated with vote-by-mail ballots, accounting for more than one-fifth of all ballots cast. Voters who wish to vote by mail must submit an application to request their vote-by-mail ballot. The application must include a valid ID. Ballots are NOT mailed to voters automatically, even if the person voted by mail previously. To apply for a vote-by-mail ballot, registered voters can visit the?Delco Votes website?and complete the application. County ballot drop boxes are scheduled to open on May 1 for the May 16 primary election. All Delaware County drop boxes are ADA-compliant and under 24/7 video surveillance. A complete list of Delaware County ballot drop boxes can be found on the?county website.
Source: Chadds Ford Live; 3/11/2023
Developer says Middletown approved 60 homes, but township disagrees
A public notice was posted in the Daily Times that has drawn a rebuttal from Middletown Township. Middletown Township?is disputing?a public notice of Elywn of Pennsylvania and Delaware and Rocky Run Development LLC that said a tentative plan for a proposed residential development submitted to the township in September 2021 has been deemed approved. The development calls for 60 residential units and other related improvements on a 25-plus acre tract located on Valley Road on a portion of the former Sleighton Farm School property. Elwyn and the developers are claiming the township’s alleged failure to take action on the tentative plan by March 12 constitutes approval, per the time periods required under the Municipalities Planning Code. Township officials dispute the developers’ claim of deemed approval, and intend “to take all appropriate action necessary to vigorously challenge this claim.” Township officials said the law permits any party opposing the developers’ alleged application for approval of the tentative plan to file their own appeal separately from any potential action by the township. The opposing party may be permitted to challenge the merits of the plan, including whether the plan meets the specific requirements of the township’s ordinance, and to raise other procedural issues relating to the alleged approval. Any such appeal must be filed with the Court of Common Pleas of Delaware County within 30 days of the issuance of the public notice of the Notice of Deemed Approval.?
Source: Daily Times; 3/21/2023?
Montgomery
SEPTA’s King of Prussia rail extension is shelved
SEPTA officials have declared that all activities on a proposed extension of a high-speed rail line out to King of Prussia are?at a standstill. Officials cited rising costs and the “lack of flexibility in SEPTA’s capital budget” as reasons for the delay. Eligible federal funding is not up for consideration until the fiscal year 2024. SEPTA has spent at least $53 million on the proposal for required studies and planning, according to an agency spokesperson. SEPTA officials said the Federal Transportation Administration “raised concerns” about the regional authority’s ability to “fund its share of the project, which would include any cost overruns.” In August 2020, estimated project costs were set at $2.08 billion. Project figures increased to $2.6 billion by August 2022. Each year the King of Prussia Rail project lags, costs increase by?around $100 million. The 4-mile extension would have been one of the country’s most expensive projects at roughly $3 billion, on a per-passenger basis, with projected daily ridership reaching about 10,000 passengers.
Source: Main Line Media; 3/20/2023, Philadelphia Inquirer; 3/21/2023 & iseptaphilly.com; 3/20/2023
Rockledge to regulate short-term rentals
Rockledge Borough Council will hold a public hearing to consider a proposed ordinance that would prohibit short-term real estate rentals in the SUR (Single-Family Urban Residential) and SURA (Single-Family Urban Residential Alternative)?zoning districts, and set forth criteria for short-term real estate rentals in all other zoning districts. The public hearing is planned for Monday, March 27. Visit the?Rockledge Borough website?for current agenda and meeting information.
Source: Montgomery Publishing Group; 3/19/2023
Lower Merion to discuss draft sustainability plan
For decades, Lower Merion Township government has been committed to preserving the beauty and character of Lower Merion's natural resources. In recent years, strides have been made by township commissioners, staff and advisory committees to minimize the township’s impacts on resource consumption, waste and greenhouse gas emissions, and to help residents connect with the natural environment. To that end, the township has posted a?Draft Lower Merion Township Sustainability Plan. The draft plan will be discussed at the?Board of Commissioners Sustainability Committee meeting?on Wednesday, March 29, at 6 p.m. Members of the public are encouraged to attend the meeting and provide comments in person or in advance to?[email protected].
Source: Lower Merion Township; 3/2023
Elmwood Park Zoo reopens to visitors
Elmwood Park Zoo in Norristown has reopened after almost three months of construction. Established in 1924, the zoo has around 300 animals, with attendance ranging from 800,000 to 1 million people visiting each year. An anonymous donation of $30 million is paving the way for the construction of a veterinary hospital. The proposed 17,000-square-foot space is slated to include exam rooms, treatment centers and surgical suites complete with glass window bays, according to zoo officials. Visit the?Elmwood Park Zoo website?for details.
Source: The Reporter; 3/17/2023
Public input sought for Green Lane Park Master Plan update
Montgomery County has announced a series of public meetings and other interactive public feedback tools to inform the master plan update for Green Lane Park. Green Lane Park is the county’s largest park and touches seven municipalities — Green Lane Borough, Marlborough Township, New Hanover Township, Pennsburg Borough, Red Hill Borough, Upper Frederick Township and Upper Hanover Township. The first public meeting will be held on Wednesday, April 5, from 6:30 to 8:30 p.m. at Green Lane Borough Hall, 214 Main St. Additional meetings will be held in September 2023, December 2023 and March 2024. Residents can check the?Montgomery County website?for additional details and information. Meetings are hybrid so attendees can attend in person or virtually.
Source: Montgomery County; 3/15/2023
Philadelphia
City council seek to prevent housing voucher discrimination
City council members are considering what Philadelphia can do to prevent housing discrimination against tenants who have what are commonly known as Section 8 vouchers. Several voucher holders recently described difficulties finding housing at a council hearing. Council members and legal aid groups said they regularly encounter residents who have been turned away from rentals because they use vouchers and that those residents are shocked to learn the behavior is illegal. For more than 40 years,?Philadelphia’s Fair Practices Ordinance?has banned rental property owners from discriminating against potential renters based on the source of the income they’ll use to pay rent, including housing vouchers and other public assistance. At the hearing, advocates and city agencies asked the city for better public education so tenants and landlords understand that refusing to accept housing subsidies is illegal, a more streamlined process to get renters into homes, faster investigations into complaints, and more funding both to encourage landlords to accept vouchers and to investigate possible discrimination. Read more in?the Inquirer.
Source: Philadelphia Inquirer; 3/21/2023
Property owners push city council to kill sprinkler bill for high-rise buildings
A group of Philadelphia property owners is urging city council to strike down a bill that would require existing high-rise buildings to have automatic sprinkler systems. Opponents argue the measure is unnecessary from a safety standpoint. They also say it would financially burden property managers and those who own condominiums or live in cooperative housing. City councilmembers Mark Squilla and Katherine Gilmore Richardson introduced the bill last March. It would apply to all buildings taller than 75 feet. The bill was referred to the Committee on Licenses and Inspections, but there is still no date for a hearing, a requirement before the full council can vote.
Source: PlanPhilly; 3/16/2023
Which Philly neighborhoods offer the best quality of life? New online tool offers answers
The Philadelphia City Controller’s Office released a new online tool that aims to inform policy decisions by scoring Philadelphia neighborhoods on metrics like access to medical care, personal safety and environmental health. Developed in partnership with the global nonprofit Social Progress Imperative, the office envisions its?ProgressPHL database?as a resource for everyone from elected officials to ordinary?Philadelphians looking to identify and address gaps in services and access. “We’re in budget season right now,” said Nick Hand, director of finance, policy and data at the controller’s office. “We look forward to working with city council or the mayor’s administration to … target investments to specific neighborhoods.” He added that the tool can help study, “why [some neighborhoods are] doing better than others, and trying to identify those as ways to improve parts of the city.” Using census data, ProgressPHL divides the city into 372 neighborhoods and scores them based on social categories like personal safety, health and walkability.?
Source: Philadelphia Inquirer; 3/22/2023
Influential Chinatown group says Sixers arena would ‘imperil’ the neighborhood
The Philadelphia Chinatown Development Corporation (PCDC) is formally opposing the Sixers’ proposal to build a new basketball arena along Market Street, saying the plan “deeply imperils the future of Chinatown.” The announcement is rooted in surveys the nonprofit conducted, which collectively polled more than 230 people and showed that the vast majority of respondents were against the $1.3 billion project. The surveys found that 93% of business owners, 94% of residents and 95% of visitors oppose the arena, which would sit less than 10 feet from Chinatown between 10th and 11th streets. The results closely mirror a separate survey of Chinatown businesses from earlier this year. Opponents of the arena worry the development would destroy Chinatown’s cultural character while displacing longtime residents and businesses. They’re concerned the project would create such a traffic nightmare that people would look to avoid Chinatown, and they doubt fans would patronize Chinatown restaurants before or after games. PCDC’s position runs counter to what the Sixers have said about the community response to the proposal. David Adelman, a part-owner of the team, has said the majority of people he’s presented the project to were “neutral to positive” about the team’s proposal. On Thursday, a spokesperson for 76Devcorp said in a statement that PCDC’s opposition was “disappointing.”
Source: PlanPhilly; 3/16/2023
Community gardens say ‘unfair’ Land Bank practice makes preservation harder
Groups fighting to preserve community gardens in Philadelphia’s fast-developing neighborhoods say a city Land Bank policy creates unnecessary hurdles. “This land is still really vulnerable and not permanently preserved as gardens and green space,” said Mimi McKenzie, legal director of the Public Interest Law Center. Philadelphia’s Land Bank can transfer vacant lots used as gardens to community groups and organizations at nominal or discounted prices, so neighbors can keep using the land to grow food. But in recent years, the agency has asked groups to sign a 30-year self-amortizing mortgage, which automatically reduces to zero by the end of its term, in order to acquire land. On Monday, 30 organizations, including several community gardens, signed a letter to the Land Bank calling on the agency to end the practice. The mortgage is a tool to prevent land recipients from flipping properties for development and to give the Land Bank recourse if properties are not maintained “in good order,” Land Bank executive director Angel Rodriguez said. But the groups protesting the practice argue the mortgages create unnecessary financial complexity for small nonprofits, requiring additional accounting and possibly hurting nonprofits’ ability to obtain loans or grants while a large liability appears on their balance sheets. Depending on the terms of the mortgages, the Land Bank can also take back ownership of parcels during the 30-year term if conditions — like keeping parcels clear of debris — aren’t met. Read more?here.?
Source: PlanPhilly; 3/14/2023?
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