Auction of Excess Philadelphia Housing Authority Property Nets Nearly $3M

Sale of the vacant structures and lots is part of a larger strategy to create more affordable housing

(Philadelphia- October 23, 2017) - The Philadelphia Housing Authority will have an additional $2.9 million to create more affordable housing, thanks to a recent auction.  The agency sold all 54 long-term vacant homes and lots up for bid at the October 10 event.

"The money raised at the auction is very much needed to support our mission. We will convert the value on these properties to create other housing opportunities for families who have been waiting," said PHA President and CEO Kelvin Jeremiah.   

The auction generated high interest from almost 300 participants who bid on properties spanning from the Northeast to South Philadelphia.

Auctioning the excess properties is part of a broader strategy to reposition PHA's large inventory of scattered site holdings, some of which have fallen into disrepair and become too costly to rehab. The housing authority is also donating 250 properties to the City's land bank. These units are located near other publically owned properties and will be rolled into larger development plans.

The large majority of PHA's scattered sites are occupied. Families who live in those homes will not be affected, as those units will remain in the PHA inventory.

PHA plans to hold at least one more auction in early 2018.