1Amending the act of December 3, 1959 (P.L.1688, No.621), 
2entitled, as amended, "An act to promote the health, safety 
3and welfare of the people of the Commonwealth by broadening 
4the market for housing for persons and families of low and 
5moderate income and alleviating shortages thereof, and by 
6assisting in the provision of housing for elderly persons 
7through the creation of the Pennsylvania Housing Finance 
8Agency as a public corporation and government 
9instrumentality; providing for the organization, membership 
10and administration of the agency, prescribing its general 
11powers and duties and the manner in which its funds are kept 
12and audited, empowering the agency to make housing loans to 
13qualified mortgagors upon the security of insured and 
14uninsured mortgages, defining qualified mortgagors and 
15providing for priorities among tenants in certain instances, 
16prescribing interest rates and other terms of housing loans, 
17permitting the agency to acquire real or personal property, 
18permitting the agency to make agreements with financial 
19institutions and Federal agencies, providing for the purchase 
20by persons of low and moderate income of housing units, and 
21approving the sale of housing units, permitting the agency to 
22sell housing loans, providing for the promulgation of 
23regulations and forms by the agency, prescribing penalties 
24for furnishing false information, empowering the agency to 
25borrow money upon its own credit by the issuance and sale of 
26bonds and notes and by giving security therefor, permitting 
27the refunding, redemption and purchase of such obligations by 
28the agency, prescribing remedies of holders of such bonds and 
29notes, exempting bonds and notes of the agency, the income 
30therefrom, and the income and revenues of the agency from 
31taxation, except transfer, death and gift taxes; making such 
32bonds and notes legal investments for certain purposes; and 
33indicating how the act shall become effective," further 
34providing for agency membership; and making an editorial 

1change.

2The General Assembly of the Commonwealth of Pennsylvania
3hereby enacts as follows:

4Section 1. Section 202 of the act of December 3, 1959 
5(P.L.1688, No.621), known as the Housing Finance Agency Law, 
6amended December 18, 1992 (P.L.1652, No.182), is amended to 
7read:

8Section 202. Agency Membership.--The members of the agency
9shall be the Secretary of Community [Affairs] and Economic 
10Development, the State Treasurer, [the Secretary of Commerce
11and] the Secretary of Banking[,] and Securities, the Insurance 
12Commissioner and the respective successors in office of each of
13them, one member appointed by the Majority Leader of the Senate,
14one member appointed by the Minority Leader of the Senate, one
15member appointed by the Majority Leader of the House of
16Representatives, one member appointed by the Minority Leader of
17the House of Representatives and six additional members whom the
18Governor shall appoint. One of the members of the agency
19appointed by the Governor with the advice and consent of the
20Senate shall be a representative of a community-based nonprofit
21group which assists low-income and moderate-income individuals
22in housing matters. Annually at the first meeting held during
23the calendar year, the members shall elect one of the members to
24serve as chairperson. The members initially appointed shall
25serve for terms of one, two, three, four, five and six years,
26respectively, the particular term of each to be designated by
27the Governor at the time of appointment. The terms of all their
28successors shall be six years each, except that any person
29appointed to fill a vacancy shall serve only for the unexpired
30term. Every member's term shall extend until his successor is

1appointed and qualified. Any appointment made by the Governor of
2a member of the agency made hereafter shall be subject to the
3advice and consent of a majority of all the members of the
4Senate. Any appointed member of the agency shall be eligible for
5reappointment. The members of the agency shall not receive
6compensation for their services as members, but shall receive
7reimbursement for all necessary expenses incurred in connection
8with the performance of their duties as members. A member who
9fails to attend meetings for three consecutive months shall
10forfeit his seat unless the chairperson of the agency, upon
11written request from the member, finds that the member should be
12excused from a meeting because of illness or the death of an
13immediate family member. Members appointed by the Majority
14Leader of the Senate, the Minority Leader of the Senate, the
15Majority Leader of the House of Representatives and the Minority
16Leader of the House of Representatives shall not be, themselves,
17current members of the General Assembly and shall serve at the
18pleasure of the appointing authority.

19Section 2. This act shall take effect in 60 days.