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78 Elsewhere in New York, about 230 homes purchased in Queens in 2008 (median: $219,000) sold for a 32 percent profit last year. Adjusted for inflation, though, the growth in Queens was about 10.5 percent over the decade. "e Long Island City ZIP area had the most expensive transactions and a median change of $285,000," the report stated. e prici- est sale in the borough was a unit at 509 48th Avenue, which changed hands for almost $2 million in 2017. at's 70 percent more than the property sold for in 2008. e only borough to see values drop was Bronx. While median prices there did rise 4 percent over the decade (from $190,000 to $197,000), inflation over the decade effectively translated to an 11 percent drop in prices, the report found. PENNSYLVANIA Foreclosure Assistance for Homeowners Struggling with Property Taxes Following up on legislation passed in the fall of last year, the city of Philadelphia announced changes to the city's foreclosure prevention pro- gram designed to help struggling homeowners who are facing foreclosure after falling behind on their property taxes. During an announcement at the Philadel- phia City Hall, government representatives and anti-poverty advocates united to announce a new $400,000 Award from the Pennsylvania Housing Finance Authority's Fair Grant Pro- gram. State Sen. Vincent Hughes said that the award was designed "to deal specifically with all the issues around foreclosure and preventing folks from going down that path." e initiative is the latest program designed to combat Philadelphia foreclosures related to property tax delinquency. According to the Philadelphia City Council website, between 2010 and 2016, Philadelphia saw a 1,210 percent increase in tax foreclosure filings. e website explains that "a City Council analysis found that the majority of tax foreclosure filings against owner-occupied homes were located in low- income communities of color. In many cases, economically vulnerable homeowners count their home as their sole asset of value." "We successfully mobilized to stop mortgage foreclosures during the housing crisis, which prevented homelessness, displacement, and in condos in New York City, believing those investments would pay off in the long run. It turns out, they were right, according to a report by PropertyShark. "Most homebuyers who acquired a piece of real estate back in 2008—especially in Brooklyn and Manhattan—managed to sell their assets for a profit in 2017," the report states. PropertyShark looked at about 1,000 homes in New York City that were bought in 2008 and sold in 2017. From just sale prices alone, the report found that the median price of $500,000 in 2008 jumped to more than $677,000 last year. Adjusted for inflation, those properties would have sold for about $582,000 in 2008. "at's still a decent profit," the report stated, "but far from what investing in the stock market, for example, would've gotten you." For context, the report found that $500,000 invested in Dow Jones stock in 2008 would have yielded $1.4 million by 2017. Still, the New York City real estate scene did show some notable growth over the decade since 2008. Brooklyn prices (median price $440,000 in 2008) increased 50 percent by 2017. at was the largest growth in the five boroughs. Manhattan (median price $850,000 in 2008) grew 25 percent, to $1.1 million median. Lower Manhattan, the Upper West Side, and an area in Harlem featured the largest increases during that time. mass disruption in our communities," Council President Darrell L. Clarke (5th District) said. "However, the City—in a well-intentioned effort to increase revenue collections—became far more aggressive in filing tax foreclosures. Contributing to homelessness or deeper poverty by seizing the homes of people in economic crisis is just not good policy." In addition to the new award from the Pennsylvania Housing Finance Authority's Fair Grant Program, last October the Philadelphia City Council passed legislation to modify the city's Owner-Occupied Payment Agree- ment (OOPA), a program designed to help homeowners avoid tax foreclosures. Applying for OOPA relief allows homeowners to avoid foreclosure and set up payment plans, and to roll future tax payments into existing payment plan agreements if they qualify. OOPA ap- plicants can also request to meet with a housing counselor. "Tax delinquencies have been an ongo- ing problem in the city of Philadelphia," said Stephen M. Hladik, Partner, Hladik, Onorato & Federman, LLP. "At the end of 2017, there were over 70,000 parcels in the city that had delinquent taxes. With that scope of delinquent properties, the tax loss to the city is staggering, exceeding $150 million. At that sum, the city is forced into foreclosing on properties to try and recoup the lost taxes. e city reviewed where the predominant delinquencies were and it became apparent that the less affluent sections of the city were often the places where the per- centage of properties that were delinquent were higher. is new program serves to benefit the hard-hit homeowners, and it offers a means for owners to make monthly payments on taxes and still maintain a roof over their heads. Property owners may also be able to be free of interest and penalties, depending on their income level. A sizable grant from the Pennsylvania Housing Finance Agency will greatly assist. e program sounds like it will be a good way for homeown- ers to obtain relief and keep their houses. In turn, it will benefit lenders and servicers, as it could lessen the burden of advancing taxes to prevent tax sales." "We applaud the Philadelphia City Council for stepping in to assist those homeowners who are struggling to pay their property taxes," said Bradley J. Osborne, Managing Attorney at Richard M. Squire & Associates, LLC, a Legal League 100 member firm that operates in Pennsylvania. "e tax foreclosure prevention measures are similar to those measures imple- mented by the city during the last economic downturn. Our office has successfully worked side-by-side through the Philadelphia County Mortgage Foreclosure Diversion Program with is the median income for a family of four in North Philadelphia, where half of residents spend at least 30 percent of their income on housing. Source: U.S. Census Bureau STAT INSIGHT $21,630

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