Philadelphia Negotiated to Save 925 Affordable Rental Units

The city aims to protect 3,000 tenants from displacement as a large local affordable housing portfolio faces a potential sale.

Updated on Oct. 2, 2026 in Apartments

Bold vector editorial illustration featuring a repeating row of brick-facade residential houses, representing urban housing stability. — Philadelphia city officials are negotiating the acquisition of 925 affordable rental units in West and Southwest Philadelphia to prevent mass tenant displacement. AI Illustration. Upload story photo >

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City officials are currently negotiating the purchase of 925 affordable rental units in West and Southwest Philadelphia to prevent potential displacement. The effort follows landlord Jim Levin's intention to retire and offload the Neighborhood Restorations portfolio.

Why it matters

The city hopes to secure these homes to prevent more than 700 units from losing federal affordability protections over the next 12 years. This move is part of a broader strategy to stabilize housing as experts warn that up to 20 percent of federally subsidized housing in Philadelphia could disappear within the next decade.

The city has pledged $30 million toward the $250 million estimated cost required to acquire the 925-unit portfolio. This portfolio currently houses 3,000 tenants, with more than 700 units at risk of losing federal compliance over the next 12 years.

The players

Jim Levin

A local landlord who owns the Neighborhood Restorations portfolio of affordable rental units.

Mayor Parker

The Mayor of Philadelphia who spearheaded the H.O.M.E. initiative to support housing stability.

LISC

A national nonprofit organization that provides financial resources and community development expertise.

The details

City officials are coordinating with the Local Initiatives Support Corporation (LISC) to orchestrate a sale that maintains these properties as affordable housing. The city is exploring a complex capital stack of various programs to help potential new owners cover the significant acquisition costs. This effort marks an attempt to avert a housing crisis similar to the 2023 University City Townhomes situation, which resulted in widespread evictions.

1989: Jim Levin began buying and renovating rowhouses.
2023: University City Townhomes saga concluded with evictions.
September 23, 2026: Mayor Parker held a press conference regarding H.O.M.E.
Fall 2026: City plans to launch the One Philly Mortgage program.
Next 12 years: More than 700 units will lose federal compliance.

Money Landscape

This negotiation aligns with the city's broader H.O.M.E. initiative, which uses $800 million in bond funding to preserve existing housing stock. It follows a decade of tightening affordable housing supply where local stakeholders are increasingly forced to intervene before federal protections expire.

Tenants currently residing in Neighborhood Restorations units should monitor city announcements for updates on ownership changes and potential impacts on lease agreements. If you live in an affordable unit with expiring protections, consult a qualified housing advocate or professional to understand your specific rights.

The takeaway

The city is actively using its $800 million H.O.M.E. bond fund to prevent the loss of hundreds of local affordable units. Affected households should watch for official city notifications regarding potential management changes to ensure their rent and protections remain stable.