City of Philadelphia Prices First $400 million of Mayor Parker’s Signature Housing Opportunities Made Easy (H.O.M.E.) Bonds

PHILADELPHIA - The City of Philadelphia has issued the inaugural $400 million in Housing Opportunities Made Easy (H.O.M.E.) Bonds through the Philadelphia Redevelopment Authority (PRA) to support investments in Mayor Cherelle L. Parker's signature housing initiative.

Priced on March 17, 2026, the $400 million issuance is the first installment of the H.O.M.E. Bonds. The City plans to invest $800 million in bond proceeds as part of a $2 billion program to build and preserve 30,000 units of housing across Philadelphia.

This historic housing investment will support a wide range of programs designed to increase housing supply, preserve affordability, and improve access to safe, quality housing for Philadelphians.

"Our goal every day is for Philadelphia to be the safest, cleanest, and greenest big city in the nation, with access to economic opportunity for all," said Mayor Cherelle L. Parker. "These H.O.M.E. Bonds are helping us turn our vision into action by making the largest investment in housing in our city's history, and creating more pathways for residents to access safe, stable, and affordable housing in neighborhoods all across Philadelphia."

During the sale, the City took advantage of strong investor demand to reduce overall borrowing costs. The City issued $317.2 million in taxable bonds and $79.4 million in tax-exempt bonds.

For the taxable series, the City received 1.75 times investor demand relative to bonds available, from 23 investor accounts. For the tax-exempt series, the City received 4.75 times investor demand compared to bonds available, from 15 investor accounts. That strong demand enabled the City to achieve lower interest rates through pricing adjustments, reducing total debt service by approximately $7.5 million. "Strong investor demand for this transaction reflects continued confidence in Philadelphia's fiscal management and long-term stability," said Jacqueline Dunn, City Treasurer. "That demand allowed us to lower borrowing costs and deliver meaningful savings for taxpayers while advancing critical housing investments."

In advance of the sale, the rating agencies affirmed the City's existing credit ratings. The bonds were rated 'A1' by Moody's Ratings and 'A+' by Fitch Ratings and S&P Global Ratings. The City has earned rating upgrades from all three rating agencies since 2023. In November 2025, Moody's improved its outlook on the City's 'A1' rating from 'Stable' to 'Positive' based on the City's improved reserves and fiscal management. As a result of these upgrades, the City now has its highest combination of ratings in more than four decades.

RBC Capital Markets led the transaction with Siebert Williams Shank as the co-senior manager. PFM and Phoenix Capital Partners served as co-municipal advisors. The bonds closed today, Thursday, March 26, 2026.