Philadelphia Housing Authority Announces $302.5 Million in Guaranteed Revenue Bonds
Proposed Changes to the ACOP and Admin Plan
For Immediate Release: August 18, 2025
Contact: Nichole Tillman, [email protected], (215) 888-2869
Philadelphia Housing Authority Announces $302.5 Million in Guaranteed Revenue Bonds
Proceeds from bond issuance will add more affordable housing for Philadelphians in need
(Philadelphia, PA – August 18, 2025) – The Philadelphia Housing Authority (PHA) today announced the issuance of $302,515,000 in Guaranteed Revenue Bonds. This bond issuance is a vital step in advancing PHA’s ongoing commitment to providing affordable housing and community development throughout Philadelphia.
The proceeds from the bonds (PHADC Acquisition Program, Series 2025A) will be utilized to finance the acquisition, construction, renovation, and improvement of affordable housing and mixed-use properties as part of PHA’s Acquisition Program. This program aims to expand PHA’s portfolio by up to 7,000 affordable housing units across the city, directly addressing the urgent need for safe, high quality affordable housing options in Philadelphia.
“Today’s announcement signifies a crucial investment in our city’s future,” said Kelvin A. Jeremiah, PHA’s President and CEO. “The issuance of these bonds will provide PHA much needed funding to expand its affordable housing portfolio with high quality amenity-rich living environments, for PHA-supported residents. This initiative empowers us to preserve existing public housing while also acquiring new properties that will serve our community for generations to come.”
The bonds are rated “AA-” by Standard & Poor’s with a positive outlook and “AA” by Fitch with a stable outlook. These ratings, both recent upgrades, reflect PHA’s strong financial management and strategic initiatives designed to enhance the affordability and availability of housing options for Philadelphians with low incomes.
“PHA continues to spearhead innovative ways to provide more affordable housing units to Philadelphians,” said Mayor Cherelle L. Parker. “Housing is an urgent issue that my administration is committed to improving. We all benefit from having a forward-thinking housing agency to partner with in Philadelphia. PHA and the Parker administration are working together to achieve the ambitious objectives set forth in our $2 Billion H.O.M.E. Initiative.”
Key highlights from the issuance include:
- Use of Proceeds: Funds will be allocated to acquire, construct, renovate, and improve certain properties, fund a deposit to the Debt Service Reserve Fund, and cover the costs of issuing the bonds.
- Tax Exemption: Interest on the bonds is expected to be exempt from federal income tax, as well as state personal income tax, providing a favorable investment opportunity for bondholders.
- Community Impact: The Acquisition Program is designed to expand PHA’s portfolio by adding up to 7,000 affordable housing units, leveraging cost-effective acquisition strategies over new construction.
The Preliminary Official Statement for the bond issuance is available for public review at www.mcelweequinn.com.
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About Philadelphia Housing Authority
The Philadelphia Housing Authority’s mission is to open doors to affordable housing, economic opportunity and safe, sustainable communities to benefit Philadelphia residents with low incomes. To learn more visit pha.phila.gov.
