H2297B3347A06466 BIL:SRA 03/28/08 #90 A06466 AMENDMENTS TO HOUSE BILL NO. 2297 Sponsor: REPRESENTATIVE REICHLEY Printer's No. 3347 1 Amend Sec. 1 (Sec. 301.3), page 3, by inserting between lines 2 13 and 14 3 (f) Affordable housing development real property tax 4 reimbursement.-- 5 (1) There shall hereby be established in the General 6 Fund a restricted receipts account into which 10% of the 7 revenues collected from the tax imposed under section 1102-C 8 of the Tax Reform Code of 1971, but no more than $75,000,000 9 shall be transferred for allocation to affordable housing 10 development real property tax reimbursement as provided in 11 this subsection. 12 (2) The department shall establish a program for 13 reimbursement of political subdivision real property tax lost 14 due to the location of an affordable housing development in 15 an approved extension under this section. 16 (3) The department shall use the restricted receipts 17 account established in paragraph (1) to fund the 18 reimbursement of lost political subdivision real property tax 19 revenue. If necessary, the reimbursement shall be allocated 20 on a pro rata basis. 21 (4) For purpose of this subsection, "affordable housing 22 development" shall mean a housing development which provides 23 housing to families and persons of low income and moderate 24 income. The income limits for families and persons of low 25 income and moderate income to acquire affordable housing 26 shall be those established by rules and regulations of the 27 Pennsylvania Housing Finance Agency. C28L90BIL/HB2297A06466