Roughly two years after Mayor Cherelle Parker debuted the HOME Initiative as a campaign promise to deliver 30,000 units, the proposal appears to be nearing the finish line — even if it’s still not clear exactly what the legislation will entail, and time is running out to pass it.

Philadelphia City Council approved Parker’s proposed $800M bond offering to fund the housing program Thursday after passing four zoning bills related to the bill, The Philadelphia Inquirer reported. The funds will cover a slew of programs, including grants for low-income homeowners to fix up their houses and Turn the Key subsidies to promote the development of affordable housing.

But there are major stipulations. Council members have carved out extensive control by mandating annual HOME Initiative oversight reports that will need to be submitted to the body.

There are also two outstanding bills related to the proposal that the council hasn’t passed yet.

“It’s a living, breathing document,” Chief Housing and Urban Development Officer Angela Brooks said when asked about potential changes to the proposal during a Wednesday Design Advocacy Group event.

It will also likely continue to evolve after it is passed, she said.

“We anticipate that over time, it will ebb and flow,” Brooks said. “What’s working and what’s not working? We want to make sure we’re supporting what is working.”

Parker wants the initiative passed alongside the city's fiscal year 2026 budget, which is due June 30. But the council will adjourn for the summer on June 12, which means the council's June 5 meeting will be the last opportunity to pass the HOME Initiative until September.

As lawmakers hash the deal out over the coming days, the Parker administration and the Philadelphia Department of Planning and Development will split the HOME Initiative into two categories.

Tier 1 will consist of items that can be passed alongside the budget next month, Philadelphia Deputy Director for Development Services John Mondlak said during a Thursday night HOME Initiative town hall in the Northeast.

Other items that can’t be passed in the next few days will be relegated to Tier 2. The administration will work to bring those to fruition down the line.

Those talks with the council weren't yet underway as of Wednesday night.

“There is going to be a series of negotiations,” Brooks told Bisnow. “That has not started yet.”

Critics say Parker's proposal is too broad, a point that has even been made by staunch affordable housing advocates like Councilmember Jamie Gauthier.

Thursday's presentation in the Northeast touched on everything from amending the city’s zoning code to dramatically expanding the income limits for home repair assistance programs.

“We need more housing, we need our zoning code to work better, and we need to reduce red tape,” Mondlak said. “Lots of people in this city are cost-burdened, and they could be cost-burdened at any area of the income level.”

Some council members previously expressed concerns about the $800M worth of bonds putting a strain on the city’s budget down the road, but Brooks isn’t worried about that.

“We’re cautiously optimistic about the federal landscape,” Brooks said.

“We recognize that it’s a really trying time to be thinking about taking on debt. ... The reality is some of our federal funds might go away, so now is the time.”

The proposal includes a 30-basis-point increase in the city’s realty transfer tax, to 3.578%, she said. The planner added that the city’s debt burden is expected to decrease in FY 2029 and FY 2030, when it is due to pay off a large volume of outstanding debt.

And while the future of federal aid is uncertain, Pennsylvania Gov. Josh Shapiro’s administration is working on a statewide housing plan that could contribute to the HOME Initiative’s goals.

That plan is due by the end of the year, Housing Authority of the County of Dauphin Executive Director Leah Eppinger said at the DAG event.