PHILADELPHIA — On Wednesday, Deccember 14, 2022, Philadelphia City Council will hold a public hearing investigating the business practices of a realty company that has persuaded over 500 Philadelphia homeowners to sign questionable 40-year agreements regarding any sale or transfer of their homes.
The hearing, authorized by Council President Darrel L. Clarke in a resolution introduced last month, will “examine MV Realty of Pennsylvania LLC and their Homeowner Benefits Agreement and the impact these agreements may have on Philadelphia homeowners.”
Council’s Committee on Housing, Neighborhood Development and the Homesless, under the leadership of Chair Jamie Gauthier (3rd District), will hear from Philadelphia homeowners impacted by MV Realty’s Homeowner Benefits Agreements and from local attorneys and advocates who provide services to low-income residents. Councilmembers will also examine whether MV Realty’s marketing in Philadelphia specifically targets low-income and minority communities for these agreements.
MV Realty’s use of Homeowner Benefits Agreements and other business practices are already under investigation in several of the 33 states in which it does business. Last week, the Florida Attorney General filed suitagainst MV Realty, accusing it of “engaging in a complex and deceptive scheme with the goal of swindling consumers out of their home equity.”
Wednesday’s public hearing will be broadcast live on Xfinity Ch. 64, Fios Channel 40 and stream live at www.PHLCouncil.com/watch
