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| THE GENERAL ASSEMBLY OF PENNSYLVANIA |
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| HOUSE BILL |
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| INTRODUCED BY JAMES, BISHOP, BUXTON, CALTAGIRONE, DALEY, DAVIS, GEORGE, JOSEPHS, PARKER, PAYTON, READSHAW, WATERS, WILLIAMS, YOUNGBLOOD, MYERS, V. BROWN, KIRKLAND, THOMAS, BROWNLEE AND WHEATLEY, JULY 2, 2012 |
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| REFERRED TO COMMITTEE ON COMMERCE, JULY 2, 2012 |
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| AN ACT |
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1 | Allocating a percentage of the net proceeds from all unclaimed |
2 | funds from sheriffs' sales of residential real property to |
3 | the Pennsylvania Housing Finance Agency for the purpose of |
4 | assisting potential homebuyers with the financing and |
5 | purchase of homes at sheriffs' sales; and establishing the |
6 | Sheriffs' Sales Homeownership Assistance Fund and the |
7 | Sheriffs' Sales Homeownership Assistance Program. |
8 | The General Assembly of the Commonwealth of Pennsylvania |
9 | hereby enacts as follows: |
10 | Section 1. Short title. |
11 | This act shall be known and may be cited as the Sheriffs' |
12 | Sales Homeownership Assistance Act. |
13 | Section 2. Declaration of purpose. |
14 | The General Assembly declares the following to be the |
15 | purposes of this act: |
16 | (1) To assist potential homeowners with the financing, |
17 | purchase and improvement of a home. |
18 | (2) To recognize that homeownership is a privilege which |
19 | should not be reserved solely for the wealthy but should be |
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1 | available to working and middle class families who seek the |
2 | joy and comfort which come with homeownership. |
3 | (3) To enhance the programs of the Pennsylvania Housing |
4 | Finance Agency which include assisting families with the |
5 | purchase of homes. |
6 | Section 3. Definitions. |
7 | The following words and phrases when used in this act shall |
8 | have the meanings given to them in this section unless the |
9 | context clearly indicates otherwise: |
10 | "Agency." The Pennsylvania Housing Finance Agency of the |
11 | Commonwealth. |
12 | "Fund." The Sheriffs' Sales Homeownership Assistance Fund |
13 | established in section 4. |
14 | "Program." The Sheriffs' Sales Homeownership Assistance |
15 | Program. |
16 | "Unclaimed funds." Funds acquired by a sheriff's sale of |
17 | residential real property within this Commonwealth exceeding |
18 | outstanding debt which is left unclaimed by the owner and that |
19 | revert to the General Fund in accordance with Article XIII.1 of |
20 | the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal |
21 | Code. |
22 | Section 4. Sheriffs' Sales Homeownership Assistance Fund. |
23 | Fifty percent of all unclaimed funds shall be deposited in |
24 | the Sheriffs' Sales Homeownership Assistance Fund, which is |
25 | hereby established as a separate fund in the State Treasury. The |
26 | moneys of the fund shall be used by the agency for the purpose |
27 | of assisting potential sheriffs' sale owner-occupied homebuyers |
28 | with the financing, purchase and improvement of a home. |
29 | Section 5. Sheriffs' Sales Homeownership Program. |
30 | The agency shall use moneys in the fund for the Sheriffs' |
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1 | Sales Homeownership Program, which is hereby established. The |
2 | program will consist of loan guarantees or other credit |
3 | enhancement offered by the agency for the purpose of assisting |
4 | families in this Commonwealth with the purchase and improvement |
5 | of homes sold at sheriffs' sales. The agency may make advances |
6 | or provide other means of guaranteed payment from the fund to |
7 | qualified lenders for the purpose of guaranteeing, endorsing or |
8 | acting as surety on mortgages and home improvement loans on such |
9 | terms and conditions and according to regulations the agency |
10 | shall prescribe consistent with the purposes of this act. |
11 | Section 6. Rules and procedures. |
12 | (a) Regulations.--The agency shall promulgate regulations to |
13 | govern and administer mortgage and home improvement loan |
14 | guarantees, credit enhancement or home improvement loans from |
15 | the fund to qualified low-income or moderate-income buyers for |
16 | the purchase of owner-occupied residential housing at sheriffs' |
17 | sales or the improvement of owner-occupied residential real |
18 | property purchased at sheriffs' sales. |
19 | (b) Distribution of funds.--The agency shall distribute the |
20 | moneys in the fund in direct proportion to the county of their |
21 | origin. |
22 | (c) Mortgage guarantees.--Mortgage guarantees administered |
23 | under the auspices of the program may not exceed the lesser of |
24 | actual purchase price or appraised value of the real property. |
25 | (d) Home improvement loans and loan guarantees.-- |
26 | (1) Home improvement loans and loan guarantees |
27 | administered under the program shall be used solely for |
28 | improvements designed to assure compliance with United States |
29 | Federal Housing Administration standards for safe dwellings |
30 | or similar regulations promulgated by the agency. |
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1 | (2) Necessary improvements shall be determined through |
2 | the inspection of the applicable residence by an inspector |
3 | qualified by the agency to perform such inspections. |
4 | (e) Other agency programs.--The agency shall attempt, to the |
5 | fullest extent possible, to integrate the program with its other |
6 | homeownership programs to enhance the success of all |
7 | homeownership efforts. |
8 | (f) Administrative expense.--Investment and interest |
9 | earnings on moneys in the fund may be used by the agency to |
10 | cover the administrative costs of the program. |
11 | Section 7. Applicability. |
12 | This act shall apply to sheriffs' sales of residential real |
13 | property conducted on or after July 1 of the calendar year |
14 | following the effective date of this act. |
15 | Section 20. Effective date. |
16 | This act shall take effect in 60 days. |
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