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06/18/2024 03:14 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20230&cosponId=42757
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2023 - 2024 Regular Session

MEMORANDUM

Posted: May 28, 2024 02:33 PM
From: Representative Lindsay Powell
To: All House members
Subject: Affordable Homeownership Act
 
Homeownership is a critical piece of the American Dream that has become a fantasy for many Pennsylvanians.
Becoming a homeowner has many positive outcomes not just for the individual buyer but for communities overall, including providing greater financial stability, increased civic participation and, better health and educational outcomes for children.
Our Commonwealth’s median home price skyrocketed from $149,651 in January 2020 to $224,757 in March 2024—a 33% increase. Coupled with mortgage interest rates hovering around 7%, the need for a 20% down payment, limited housing stock across the state, homeownership is out of reach for too many of us.
That’s why I will be introducing legislation to subsidize homeownership initiatives for households with annual household incomes between 60% and 120% of the area media income (AMI). Specifically, it will allow the Department of Community and Economic Development to award grants to qualifying applicants for project types including the acquisition of properties suitable to serve as affordable for sale units, home buyer assistance programs, asset management and mapping, home repair programs, and others.
This legislation will empower more Pennsylvanians to achieve their homeownership goals, contributing to happier and more vibrant communities throughout the Commonwealth. I hope you will join me in taking steps to equip families and individuals of various income levels to become homeowners.