PRINTER'S NO. 1731

THE GENERAL ASSEMBLY OF PENNSYLVANIA


HOUSE BILL

No. 1384 Session of 2007


        INTRODUCED BY GIBBONS, DERMODY, BELFANTI, BISHOP, CALTAGIRONE,
           CARROLL, COHEN, CONKLIN, DALEY, DePASQUALE, FABRIZIO, GEORGE,
           JOSEPHS, KOTIK, KULA, LEVDANSKY, MANDERINO, McGEEHAN, MUNDY,
           MUSTIO, M. O'BRIEN, PETRONE, RAPP, REICHLEY, ROSS, SOLOBAY,
           TANGRETTI, THOMAS, WALKO, J. WHITE, YOUNGBLOOD AND YUDICHAK,
           MAY 29, 2007

        REFERRED TO COMMITTEE ON COMMERCE, MAY 29, 2007

                                     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


     1     taxation, except transfer, death and gift taxes; making such
     2     bonds and notes legal investments for certain purposes; and
     3     indicating how the act shall become effective," further
     4     providing for the Homeowner's Emergency Mortgage Assistance
     5     Fund.

     6     The General Assembly of the Commonwealth of Pennsylvania
     7  hereby enacts as follows:
     8     Section 1.  Section 408-C of the act of December 3, 1959
     9  (P.L.1688, No.621), known as the Housing Finance Agency Law,
    10  amended December 21, 1998 (P.L.1248, No.160), is amended to
    11  read:
    12     Section 408-C.  Homeowner's Emergency Mortgage Assistance
    13  Fund.--The Homeowner's Emergency Mortgage Assistance Fund is
    14  hereby created as a separate account within the agency for the
    15  sole purpose of implementing the provisions of this article. [No
    16  other agency funds, moneys or interest earnings shall be
    17  utilized for the purposes of this article.] Investment and
    18  interest earnings on moneys from this fund may be used by the
    19  agency for the administrative costs of the program. The board
    20  may annually authorize a transfer from the unrestricted net
    21  assets of the agency's funds to the Homeowner's Emergency
    22  Mortgage Assistance Fund. The amount of funds transferred shall
    23  not exceed one (1) percent of the total unrestricted net assets
    24  of the agency as certified in the annual financial statement
    25  under section 207 and provided that such assets are not required
    26  to meet the agency's debt obligations and that such transfers
    27  are not in violation of the terms of bond resolutions and
    28  indentures. The Homeowner's Emergency Mortgage Assistance Fund
    29  shall operate as a revolving loan fund to which shall be
    30  credited all repayment of principal and interest by mortgagors
    31  to the agency to repay loans provided by the agency pursuant to
    32  this article as well as grants or donations from other sources
    20070H1384B1731                  - 2 -     

     1  and any funds that may be appropriated by the General Assembly.
     2     Section 2.  This act shall take effect in 60 days.



















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