PRINTER'S NO. 602
No. 540 Session of 1989
INTRODUCED BY SCRIMENTI AND KUKOVICH, FEBRUARY 15, 1989
REFERRED TO COMMITTEE ON APPROPRIATIONS, FEBRUARY 15, 1989
AN ACT
1 Amending the act of December 3, 1959 (P.L.1688, No.621),
2 entitled, as amended, "An act to promote the health, safety
3 and welfare of the people of the Commonwealth by broadening
4 the market for housing for persons and families of low and
5 moderate income and alleviating shortages thereof, and by
6 assisting in the provision of housing for elderly persons
7 through the creation of the Pennsylvania Housing Finance
8 Agency as a public corporation and government
9 instrumentality; providing for the organization, membership
10 and administration of the agency, prescribing its general
11 powers and duties and the manner in which its funds are kept
12 and audited, empowering the agency to make housing loans to
13 qualified mortgagors upon the security of insured and
14 uninsured mortgages, defining qualified mortgagors and
15 providing for priorities among tenants in certain instances,
16 prescribing interest rates and other terms of housing loans,
17 permitting the agency to acquire real or personal property,
18 permitting the agency to make agreements with financial
19 institutions and Federal agencies, providing for the purchase
20 by persons of low and moderate income of housing units, and
21 approving the sale of housing units, permitting the agency to
22 sell housing loans, providing for the promulgation of
23 regulations and forms by the agency, prescribing penalties
24 for furnishing false information, empowering the agency to
25 borrow money upon its own credit by the issuance and sale of
26 bonds and notes and by giving security therefor, permitting
27 the refunding, redemption and purchase of such obligations by
28 the agency, prescribing remedies of holders of such bonds and
29 notes, exempting bonds and notes of the agency, the income
30 therefrom, and the income and revenues of the agency from
31 taxation, except transfer, death and gift taxes; making such
32 bonds and notes legal investments for certain purposes; and
33 indicating how the act shall become effective,"
1 reestablishing and continuing the Pennsylvania Housing
2 Finance Agency.
3 The General Assembly of the Commonwealth of Pennsylvania
4 hereby enacts as follows:
5 Section 1. Section 411-C of the act of December 3, 1959
6 (P.L.1688, No.621), known as the Housing Finance Agency Law,
7 added December 16, 1986 (P.L.1666, No.189), is amended to read:
8 Section 411-C. Expiration.--This article, other than the
9 provisions contained in sections 405-C(g) and 406-C shall expire
10 December 23, [1989] 1992, except that mortgage assistance shall
11 continue to be made available to mortgagors who were deemed
12 eligible for mortgage assistance prior to the expiration of this
13 article in accordance with the terms of this article.
14 Section 2. This act, with respect to the Pennsylvania
15 Housing Finance Agency, shall constitute the legislation
16 required to reestablish an agency under the act of December 22,
17 1981 (P.L.508, No.142), known as the Sunset Act.
18 Section 3. The presently confirmed members of the existing
19 Pennsylvania Housing Finance Agency as of December 31, 1989,
20 shall continue to serve as agency members until successors are
21 appointed and qualified.
22 Section 4. Each rule and regulation of the agency in effect
23 on December 31, 1989, shall remain in effect after such date
24 until repealed or amended by the agency.
25 Section 5. This act shall take effect as follows:
26 (1) Section 4 of this act shall take effect immediately.
27 (2) The remainder of this act shall take effect January
28 1, 1990.
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