Title
Resolution calling on the Director of Finance and City Treasurer to work with the Pennsylvania State Legislature to design a Long Time Owner Occupant Protection (LOOP) program that allows longtime owner-occupants to stay in their homes when they meet certain eligibility requirements regarding income, length of residence, and increases in assessed value by providing the opportunity for qualified owners to receive real estate tax exemptions.
Body
WHEREAS, Pittsburgh residents may be forced out of their homes because of increases in real estate taxes due to increased property values; and
WHEREAS, Pittsburgh's City Council wishes to allow longtime residents to stay in their homes in spite of rising property values around them; and
WHEREAS, no program exists at present for Cities of the Second Class to guarantee that longtime owner occupants will not be forced to leave their homes because of increased property values that they did not create; and
WHEREAS, as part of the City's Affordable Housing strategy, every effort should be made to help keep residents in the homes which they have occupied for a long time; and
WHEREAS, cooperation of the Pennsylvania Legislature is required to allow the City of Pittsburgh to implement a LOOP tax exemption program.
Be it resolved by the Council of the City of Pittsburgh as follows:
Section 1. The Director of Finance and City Treasurer is hereby directed to work with the appropriate members of the Pennsylvania Legislature to draft and advance a state law that will empower the Mayor and Council of the City of Pittsburgh to design and implement a tax exemption program for longtime owner occupants (LOOP Program) who qualify for such exemptions.
Section 2. The legislation proposed by the City shall include qualifying standards for those receiving abatements that include an application process, income limits, a time period of ownership and residence, and increases of a certain amount in taxable assessed value of the home...
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