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Pennsylvania House of Representatives
06/16/2024 01:19 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?SPick=20170&chamber=H&cosponId=25215
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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: February 16, 2018 12:16 PM
From: Representative Jake Wheatley, Jr.
To: All House members
Subject: Legislation Establishing a Student Loan Home Buy Program
 
In the near future, I plan on introducing legislation that would establish a program within the Pennsylvania Housing Finance Agency (PHFA) that would aid those with student loan debt in buying a home. Home ownership is considered a stepping stone to financial stability and wealth, however, rising student loan debt has discouraged many people and couples from purchasing a home and in some cases made it impossible.

My legislation will aid individuals and couples with student loan debt by providing a zero interest mortgage to be used against the buyer’s student loan debt if the buyer purchases a home from the PHFA’s real estate owned portfolio. This zero interest mortgage would be provided by the PHFA, using the revenue received from the sale of the home and would not be a cost to the Commonwealth. Please join me in co-sponsoring this important legislation so we can increase home ownership and help alleviate the burden of student loan debt.