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PRINTER'S NO. 3249
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No.
2387
Session of
2024
INTRODUCED BY MARCELL, PICKETT, GROVE, MERCURI AND GILLEN,
JUNE 5, 2024
REFERRED TO COMMITTEE ON COMMERCE, JUNE 5, 2024
AN ACT
Amending the act of December 3, 1959 (P.L.1688, No.621),
entitled "An act to promote the health, safety and welfare of
the people of the Commonwealth by broadening the market for
housing for persons and families of low and moderate income
and alleviating shortages thereof, and by 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, prescribing interest rates and
other terms of housing loans, permitting the agency to
acquire real or personal property, permitting the agency to
make agreements with financial institutions and Federal
agencies, providing for the purchase by persons of low and
moderate income of housing units, and approving the sale of
housing units, permitting the agency to 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
bonds and notes legal investments for certain purposes; and
indicating how the act shall become effective," in the
agency, further providing for agency audits and reports.
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The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 207 of the act of December 3, 1959
(P.L.1688, No.621), known as the Housing Finance Agency Law, is
amended to read:
Section 207. Agency Audits and Reports.--The accounts and
books of the agency, including its receipts, disbursements,
contracts, mortgages, investments and other matters relating to
its finances, operations and affairs, shall be examined and
audited [from time to time] by June 30, 2025, and each June 30
thereafter by the Auditor General as provided in The Fiscal
Code. Within sixty days after the end of each fiscal year of the
agency, [or as soon thereafter as practical,] the agency shall
file an annual financial statement consisting [at least] of a
balance sheet, profit-and-loss statement and general report of
operations with the Governor, the Auditor General [and the
General Assembly.], the chairperson and minority chairperson of
the Appropriations Committee of the Senate and the chairperson
and minority chairperson of the Appropriations Committee of the
House of Representatives.
Section 2. This act shall take effect in 60 days.
20240HB2387PN3249 - 2 -
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