PRINTER'S NO. 872
No. 785 Session of 1983
INTRODUCED BY BURD, L. E. SMITH, LIVENGOOD, POTT, JAROLIN,
McVERRY, SEVENTY, E. Z. TAYLOR, SPITZ, LASHINGER, PHILLIPS,
BOOK, NAHILL, CLYMER, VROON, PERZEL, FLICK, D. W. SNYDER AND
FARGO, APRIL 13, 1983
REFERRED TO COMMITTEE ON BUSINESS AND COMMERCE, APRIL 13, 1983
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
1 indicating how the act shall become effective," further
2 providing for the allocation of loans.
3 The General Assembly of the Commonwealth of Pennsylvania
4 hereby enacts as follows:
5 Section 1. Section 402-B.(b) of the act of December 3, 1959
6 (P.L.1688, No.621), known as the Housing Finance Agency Law,
7 added December 31, 1981 (P.L.594, No.176), is amended to read:
8 Section 402-B. Allocation of Loans.--* * *
9 (b) The agency shall annually, by resolution adopted by the
10 board, allocate the aggregate borrowing authority assigned to
11 the agency pursuant to the Mortgage Subsidy Bond Tax Act of
12 1980, into the following categories of loans:
13 (1) [Sixty (60)] Eighty (80) percent of the allocation shall
14 be used to purchase mortgages for newly constructed homes and
15 existing homes.
16 (2) [Thirty-five (35)] Fifteen (15) percent of the
17 allocation shall be used to purchase mortgages to rehabilitate
18 residences or for home improvement loans which qualify for FHA
19 Title I insurance or successor programs or for home improvement
20 loans which are authorized to be made by Pennsylvania regulated
21 financial institutions.
22 (3) Five (5) percent of the allocation shall be used for
23 home energy efficiency improvement loans which qualify for FHA
24 Title I insurance or successor programs including, but not
25 limited to, solar hot water heating and home weatherization. The
26 distribution of proceeds into these categories need not be made
27 separately for each municipality allocated loans pursuant to
28 this section.
29 * * *
30 Section 2. This act shall take effect immediately.
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