AN ACT

 

1Amending the act of December 3, 1959 (P.L.1688, No.621),
2entitled, as amended, "An act to promote the health, safety
3and welfare of the people of the Commonwealth by broadening
4the market for housing for persons and families of low and
5moderate income and alleviating shortages thereof, and by
6assisting in the provision of housing for elderly persons
7through the creation of the Pennsylvania Housing Finance
8Agency as a public corporation and government
9instrumentality; providing for the organization, membership
10and administration of the agency, prescribing its general
11powers and duties and the manner in which its funds are kept
12and audited, empowering the agency to make housing loans to
13qualified mortgagors upon the security of insured and
14uninsured mortgages, defining qualified mortgagors and
15providing for priorities among tenants in certain instances,
16prescribing interest rates and other terms of housing loans,
17permitting the agency to acquire real or personal property,
18permitting the agency to make agreements with financial
19institutions and Federal agencies, providing for the purchase
20by persons of low and moderate income of housing units, and
21approving the sale of housing units, permitting the agency to
22sell housing loans, providing for the promulgation of
23regulations and forms by the agency, prescribing penalties
24for furnishing false information, empowering the agency to
25borrow money upon its own credit by the issuance and sale of
26bonds and notes and by giving security therefor, permitting
27the refunding, redemption and purchase of such obligations by
28the agency, prescribing remedies of holders of such bonds and
29notes, exempting bonds and notes of the agency, the income
30therefrom, and the income and revenues of the agency from
31taxation, except transfer, death and gift taxes; making such
32bonds and notes legal investments for certain purposes; and

1indicating how the act shall become effective," further
2providing for the Pennsylvania Housing Affordability and
3Rehabilitation Enhancement Fund.

4The General Assembly of the Commonwealth of Pennsylvania
5hereby enacts as follows:

6Section 1. Section 406-D of the act of December 3, 1959 
7(P.L.1688, No.621), known as the Housing Finance Agency Law, is 
8amended by adding a subsection to read:

9Section 406-D. Fund.

10* * *

11(c) Interfund transfers.--Beginning July 31, 2015, and on
12each July 31 thereafter, the State Treasurer shall transfer from
13the General Fund to the fund an amount equal to the lesser of:

14(1) fifty percent of the difference between:

15(i) the total dollar amount of the tax imposed under
16section 1102-C of the act of March 4, 1971 (P.L.6, No.2),
17known as the "Tax Reform Code of 1971," and collected by
18the Commonwealth for that fiscal year; and

19(ii) the total dollar amount of such tax estimated
20for the fiscal year beginning July 1, 2014, and as
21contained in the final estimate signed by the Governor
22for that fiscal year as required by section 618 of the
23act of April 9, 1929 (P.L.177, No.175), known as The
24Administrative Code of 1929; or

25(2) twenty-five million dollars.

26Section 2. This act shall take effect in 90 days.