For over two decades, James Levin has been a pivotal figure in the West and Southwest Philadelphia real estate landscape, building a substantial portfolio of affordable housing.
His company, Neighborhood Restorations, has developed over 600 affordable properties, providing homes to approximately 3,000 residents.
As Levin prepares to sell this vast portfolio, concerns arise regarding the potential displacement of thousands of renters who rely on these units for their homes.
City Councilmember Jamie Gauthier, whose district encompasses most of Levin’s properties, has expressed urgency in finding solutions to maintain the affordability of these homes amid an ongoing housing crisis in the city.
Gauthier remarked, “We have a year to figure this out and to stop 3,000 people from being displaced with no immediate solution.”
The city’s limited stock of affordable housing is already a pressing issue, and the potential loss of Levin’s units could exacerbate the situation.
Aware of the inevitable sale, Gauthier is mobilizing efforts to preserve the affordability of as many properties as possible.
She has been engaging with Mayor Cherelle Parker’s administration as they prepare to roll out a housing initiative aimed at addressing the city’s housing crisis.
Gauthier has planned a series of stakeholder meetings for the upcoming month, aiming to explore a competitive bid for Levin’s properties.
While Levin is open to selling to various buyers, Gauthier sees this moment as a crucial opportunity for the city to intervene decisively.
Levin’s real estate portfolio includes not just single-family homes but also duplexes, triplexes, and small apartment complexes developed in the 1990s and 2000s.
This scattered site portfolio represents a crucial source of affordable housing in areas experiencing gentrification, where property values have surged significantly.
For example, in Cobbs Creek, the average home sale price skyrocketed from approximately $29,800 in 2000 to about $170,980 in 2024, per data from the Reinvestment Fund.
Advocates note that certain neighborhoods within the reach of schools like Henry C. Lea Elementary School are likely to see rising property values similar to those that have affected the vicinity of Penn Alexander School in University City.
Akira Drake Rodriguez, a Penn assistant professor who analyzed this data, predicts a corresponding uptick in home values and a potential loss of affordable housing over time.
Levin’s properties were initially developed with the help of federal Low-Income Housing Tax Credits.
The use of these tax credits typically mandates that the units remain affordable for a designated period—generally 30 years—making them accessible to low-income tenants.
Currently, some of those affordability restrictions have already lapsed, with more properties in his portfolio set to lose their affordable status annually from 2026 through 2037.
Vincent Reina, director of the Housing Initiative at the University of Pennsylvania, emphasizes the need for proactive government strategies to secure the future of these vital properties.
The impending sale has left tenants anxious about the possibility of rising rents if the new owner opts to convert the units to market rate.
One tenant, a home health aide renting a two-bedroom rowhouse, expressed her fears that a market-rate transition could significantly impact her ability to afford rent.
At present, her rent is $1,000, which fits her budget; however, she is uncertain about maintaining that balance if rent prices were to increase.
This situation underscores the urgent need for some form of intervention to safeguard the rights and well-being of current residents.
Gauthier remains optimistic about the potential for a deal that keeps these buildings affordable, leveraging recent legislation that mandates owners of government-subsidized properties to give tenants and affordable housing organizations time to bid before listing them publicly.
A recently passed law allows these organizations 45 days to prepare competitive offers, aiming to prevent properties from being immediately pushed into the unrestricted market.
Simultaneously, Mayor Parker’s administration is in the process of arranging $800 million in bonds to fund the Housing Opportunities Made Easy (H.O.M.E.) initiative, which is geared toward the creation and preservation of 30,000 housing units.
Part of these funds will be dedicated to an acquisition fund established previously to purchase occupied apartment buildings or land for affordable housing enhancement in the city.
A proposed allocation of $5 million from the H.O.M.E initiative for this fund is under consideration, with further discussions expected in City Council soon.
Gauthier remarks on the potential for collaboration, emphasizing that addressing this crisis is not solely a city concern but a collective community issue, urging local institutions and stakeholders to engage in the fight for affordable housing.
As the clock ticks down, the city has a pivotal chance to shape the future of these properties, impacting thousands of residents and the broader Philadelphia community.
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