PRINTER'S NO. 3965
No. 2601 Session of 2008
INTRODUCED BY LONGIETTI, DALEY, McGEEHAN, KOTIK, HARHART,
ADOLPH, BELFANTI, BENNINGTON, BEYER, BISHOP, BRENNAN, BUXTON,
CALTAGIRONE, CARROLL, COSTA, DeLUCA, DePASQUALE, DERMODY,
FABRIZIO, FRANKEL, GEORGE, GIBBONS, GOODMAN, GRUCELA,
HALUSKA, HARHAI, HARKINS, HELM, HENNESSEY, HORNAMAN, JAMES,
JOSEPHS, KILLION, KORTZ, KULA, LENTZ, LEVDANSKY, MAHONEY,
MANDERINO, MARKOSEK, McCALL, MELIO, MOYER, MURT, M. O'BRIEN,
PARKER, PASHINSKI, PAYNE, PAYTON, PETRONE, PHILLIPS, PRESTON,
READSHAW, SANTONI, SAYLOR, SCAVELLO, SEIP, SHIMKUS, SIPTROTH,
SOLOBAY, STABACK, J. TAYLOR, THOMAS, WALKO, J. WHITE,
WOJNAROSKI, YOUNGBLOOD, YUDICHAK AND K. SMITH, JUNE 17, 2008
REFERRED TO COMMITTEE ON COMMERCE, JUNE 17, 2008
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
1 bonds and notes and by giving security therefor, permitting
2 the refunding, redemption and purchase of such obligations by
3 the agency, prescribing remedies of holders of such bonds and
4 notes, exempting bonds and notes of the agency, the income
5 therefrom, and the income and revenues of the agency from
6 taxation, except transfer, death and gift taxes; making such
7 bonds and notes legal investments for certain purposes; and
8 indicating how the act shall become effective," making an
9 appropriation.
10 The General Assembly of the Commonwealth of Pennsylvania
11 hereby enacts as follows:
12 Section 1. The act of December 3, 1959 (P.L.1688, No.621),
13 known as the Housing Finance Agency Law, is amended by adding a
14 section to read:
15 Section 602.1-A. Appropriation.--The following shall apply:
16 (1) The sum of ten million dollars ($10,000,000) is hereby
17 appropriated to the Pennsylvania Housing Finance Agency for the
18 fiscal year July 1, 2008, through June 30, 2009, to reimburse
19 the agency for losses incurred in connection with its subprime
20 and predatory mortgage abatement programs that are targeted at
21 homeowners at risk of foreclosure with either adjustable rate
22 mortgages or mortgages which exceed the current value of their
23 homes.
24 (2) Any appropriated funds under paragraph (1) not pledged
25 or expended in accordance with this act by January 1, 2010,
26 shall be transferred to the Pennsylvania Housing Affordability
27 and Rehabilitation Enhancement Program.
28 Section 2. This act shall take effect immediately.
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