PRINTER'S NO. 3965

THE GENERAL ASSEMBLY OF PENNSYLVANIA


HOUSE BILL

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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