Philadelphia, in its continuous effort to support its residents, has embarked on a significant initiative by partnering with FORWARD Platform, a leading program administration solution for local governments. This collaboration marks the launch of the City of Philadelphia Real Estate Tax Credit Program, a pioneering move aimed at alleviating the financial burden of increasing property taxes on homeowners. With an allocation of $1.7 million in tax credits from a special fund, the program is a direct response to the growing concern over the affordability of living in the city.
Eligibility and Application: Navigating the Tax Credit Program
To benefit from this program, homeowners must be situated within the city limits and meet specific criteria, including owning and residing in the property and falling within or below 80% of the Area Median Income (AMI). A significant condition is that their property tax bill must have surged by 50% or more between the 2022 and 2023 tax assessments. This targeted approach ensures that the aid reaches those most in need, striking a balance between generating necessary city revenue and providing financial relief to residents.
Philadelphia’s Mayor, Jim Kenney, emphasizes the dual nature of property taxes: while being a crucial revenue source, they also place a substantial strain on many citizens. This program, thus, emerges as a crucial step in mitigating this tension, offering relief to the affected homeowners while maintaining the city’s financial health for future investments.
FORWARD’s Role: Streamlining Application and Support
FORWARD, renowned for its efficient administration of local government programs, has been appointed as the program administrator. Their role is pivotal in ensuring the program’s success through effective community outreach, application assistance, and eligibility screening. They offer a user-friendly online application portal, available in 68 languages, and multi-lingual support via phone, text, and email, making the program accessible to a diverse demographic. Applicants are required to provide proof of residence, income, and identification as part of the application process.
Adnan Mahmud, CEO of FORWARD Platform, expresses pride in supporting the City of Philadelphia with this program. FORWARD’s involvement underscores its commitment to reducing the financial burden on Philadelphia homeowners and facilitating a smoother application experience.
Philadelphia homeowners who meet the eligibility criteria are encouraged to explore this opportunity and apply for the Real Estate Tax Credit Program. Further information, including details on the application process, is available on FORWARD’s dedicated webpage for the program.
The partnership between the City of Philadelphia and FORWARD marks a significant stride in addressing the financial challenges faced by homeowners due to escalating real estate taxes. This program not only exemplifies the city’s commitment to its residents but also sets a precedent for other cities to follow in balancing revenue generation with citizen welfare. As the program rolls out, it is poised to become a model of effective public-private collaboration in urban governance and community support.