PRINTER'S NO. 1101

THE GENERAL ASSEMBLY OF PENNSYLVANIA

SENATE BILL

No.

922

Session of

2015

INTRODUCED BY BROWNE, TEPLITZ, VULAKOVICH, RAFFERTY AND COSTA,

JUNE 24, 2015

REFERRED TO URBAN AFFAIRS AND HOUSING, JUNE 24, 2015

assisting in the provision of housing for elderly persons

through the creation of the Pennsylvania Housing Finance

Agency as a public corporation and government

instrumentality; providing for the organization, membership

and administration of the agency, prescribing its general

powers and duties and the manner in which its funds are kept

and audited, empowering the agency to make housing loans to

qualified mortgagors upon the security of insured and

uninsured mortgages, defining qualified mortgagors and

providing for priorities among tenants in certain instances,

sell housing loans, providing for the promulgation of

regulations and forms by the agency, prescribing penalties

for furnishing false information, empowering the agency to

borrow money upon its own credit by the issuance and sale of

bonds and notes and by giving security therefor, permitting

the refunding, redemption and purchase of such obligations by

the agency, prescribing remedies of holders of such bonds and

notes, exempting bonds and notes of the agency, the income

therefrom, and the income and revenues of the agency from

taxation, except transfer, death and gift taxes; making such

Section 1. Section 202 of the act of December 3, 1959

(P.L.1688, No.621), known as the Housing Finance Agency Law,

amended December 18, 1992 (P.L.1652, No.182), is amended to

read:

Section 202. Agency Membership.--The members of the agency

shall be the Secretary of Community [Affairs] and Economic

Development, the State Treasurer, [the Secretary of Commerce

and] the Secretary of Banking[,] and Securities, the Insurance

Commissioner and the respective successors in office of each of

them, one member appointed by the Majority Leader of the Senate,

Senate shall be a representative of a community-based nonprofit

group which assists low-income and moderate-income individuals

in housing matters. Annually at the first meeting held during

the calendar year, the members shall elect one of the members to

serve as chairperson. The members initially appointed shall

serve for terms of one, two, three, four, five and six years,

respectively, the particular term of each to be designated by

the Governor at the time of appointment. The terms of all their

successors shall be six years each, except that any person

appointed to fill a vacancy shall serve only for the unexpired

reappointment. The members of the agency shall not receive

compensation for their services as members, but shall receive

reimbursement for all necessary expenses incurred in connection

with the performance of their duties as members. A member who

fails to attend meetings for three consecutive months shall

forfeit his seat unless the chairperson of the agency, upon

written request from the member, finds that the member should be

excused from a meeting because of illness or the death of an

immediate family member. Members appointed by the Majority

Leader of the Senate, the Minority Leader of the Senate, the

Majority Leader of the House of Representatives and the Minority