H2297B3347A06466       BIL:SRA 03/28/08    #90             A06466
                       AMENDMENTS TO HOUSE BILL NO. 2297
                                    Sponsor:  REPRESENTATIVE REICHLEY
                                           Printer's No. 3347

     1       Amend Sec. 1 (Sec. 301.3), page 3, by inserting between lines 
     2    13 and 14
     3       (f)  Affordable housing development real property tax
     4    reimbursement.--
     5           (1)  There shall hereby be established in the General
     6       Fund a restricted receipts account into which 10% of the
     7       revenues collected from the tax imposed under section 1102-C
     8       of the Tax Reform Code of 1971, but no more than $75,000,000
     9       shall be transferred for allocation to affordable housing
    10       development real property tax reimbursement as provided in
    11       this subsection.
    12           (2)  The department shall establish a program for
    13       reimbursement of political subdivision real property tax lost
    14       due to the location of an affordable housing development in
    15       an approved extension under this section.
    16           (3)  The department shall use the restricted receipts
    17       account established in paragraph (1) to fund the
    18       reimbursement of lost political subdivision real property tax
    19       revenue. If necessary, the reimbursement shall be allocated
    20       on a pro rata basis.
    21           (4)  For purpose of this subsection, "affordable housing
    22       development" shall mean a housing development which provides
    23       housing to families and persons of low income and moderate
    24       income. The income limits for families and persons of low
    25       income and moderate income to acquire affordable housing
    26       shall be those established by rules and regulations of the
    27       Pennsylvania Housing Finance Agency.