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Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20130&cosponId=10681
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House of Representatives
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: January 8, 2013 04:24 PM
From: Representative Matthew E. Baker
To: All House members
Subject: Disaster Loan Assistance (Former HB 1866)
 

In the near future, I will reintroduce legislation (Former HB 1866) which I have introduced repeatedly since the 2003-2004 legislative session. In view of the federally declared flood disaster emergencies, as well as the numerous non-federally declared disasters over the past several years, I now once again want to put forth this State Disaster Loan Program. As well, I have been working with PEMA and the new administration on contemporary ideas to make this legislation a viable program in Pennsylvania.

This legislation amends Title 35 (Health and Safety) by establishing a State Disaster Loan Program to be administered by the Pennsylvania Emergency Management Agency (PEMA) in conjunction with other necessary state agencies.

The program will provide low-interest loans to repair homeowner’s properties which were damaged due to a disaster. The properties must be primary residences.

The disaster loan program will only be activated when a county submits a damage survey report consisting of at least ten (10) primary residences damaged within that county and each property had an “uninsured” loss in excess of 40% of the pre-disaster fair market value of the home.

Applicants must first show proof other financial institutions (banks) will not grant them a loan, or that the loan repayment amount is beyond their financial capabilities.

In order to receive this loan, the homeowner must purchase and maintain insurance equal to the amount of the loan. The insurance shall be full coverage against natural hazards; and where appropriate, flood insurance will be required.

The maximum loan amount is $50,000 and the minimum loan amount is $1,000. Loans are limited to essential repairs which will make the primary residence sanitary and habitable.
The rate of interest for the loans shall be set by the Pennsylvania Housing Finance Agency through regulations.

PREVIOUS COSPONSORS: BAKER, BOBACK, BOYD, CARROLL, CLYMER, DELUCA, EVERETT, FARRY, GEIST, GILLEN, GODSHALL, GOODMAN, HORNAMAN, JOSEPHS, KILLION, KORTZ, MAJOR, MILLARD, MOUL, READSHAW, SAINATO, K. SMITH, STABACK, STEPHENS, SWANGER, TOOHIL, WAGNER, WATSON, YOUNGBLOOD

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Introduced as HB589