AUTHORIZING PRO BONO LEGAL RESOURCES NEEDED TO ESTABLISH A PROGRAM TO COLLECT INTEREST ON REAL ESTATE TRUST ACCOUNTS
 
WHEREAS, the Philadelphia Bar Association has a long tradition of championing the rights of the disadvantaged;

WHEREAS, the homeless population in Philadelphia is in dire need of assistance;

WHEREAS, funds could be raised through a program establishing interest on real estate trust accounts for assistance to homeless people in Philadelphia;

WHEREAS, the Philadelphia Bar Association has prepared a proposal to submit to the Philadelphia Board of Realtors to provide for interest on real estate trust accounts to be applied toward a program to assist the homeless population in Philadelphia;

NOW, THEREFORE, BE IT RESOLVED that the Board of Governors supports the implementation of a program by the Philadelphia Board of Realtors to establish interest on real estate trust accounts;

AND BE IT FURTHER RESOLVED that the Chancellor be authorized and directed to submit a proposal to the Philadelphia Board of Realtors;

AND BE IT FURTHER RESOLVED that the Philadelphia Bar Association will provide pro bono legal resources needed to create the nonprofit corporation contemplated by the program, to assist in obtaining the appropriate Pennsylvania Real Estate Commission approval regarding disclosure requirements, to provide tax counsel to the Philadelphia Board of Realtors regarding the need for the nonprofit corporation to provide 1099's to participants in the program, and to provide such other legal resources that may be needed to establish and maintain a program providing for interest on real estate trust accounts.

PHILADELPHIA BAR ASSOCIATION
BOARD OF GOVERNORS
ADOPTED: July 29, 1993