PRINTER'S NO. 1731
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
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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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