PRINTER'S NO. 539
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
566
Session of
2015
INTRODUCED BY VOGEL, KITCHEN, TEPLITZ, GREENLEAF, FARNESE,
BREWSTER, BLAKE, ARGALL, WILLIAMS, TARTAGLIONE, VULAKOVICH,
SCHWANK, COSTA, BOSCOLA, HUGHES, YUDICHAK, YAW, RAFFERTY,
PILEGGI, FONTANA, SCAVELLO, HAYWOOD, McGARRIGLE AND BROWNE,
FEBRUARY 25, 2015
REFERRED TO URBAN AFFAIRS AND HOUSING, FEBRUARY 25, 2015
AN ACT
Amending the act of December 3, 1959 (P.L.1688, No.621),
entitled, as amended, "An act to promote the health, safety
and welfare of the people of the Commonwealth by broadening
the market for housing for persons and families of low and
moderate income and alleviating shortages thereof, and by
assisting in the provision of housing for elderly persons
through the creation of the Pennsylvania Housing Finance
Agency as a public corporation and government
instrumentality; providing for the organization, membership
and administration of the agency, prescribing its general
powers and duties and the manner in which its funds are kept
and audited, empowering the agency to make housing loans to
qualified mortgagors upon the security of insured and
uninsured mortgages, defining qualified mortgagors and
providing for priorities among tenants in certain instances,
prescribing interest rates and other terms of housing loans,
permitting the agency to acquire real or personal property,
permitting the agency to make agreements with financial
institutions and Federal agencies, providing for the purchase
by persons of low and moderate income of housing units, and
approving the sale of housing units, permitting the agency to
sell housing loans, providing for the promulgation of
regulations and forms by the agency, prescribing penalties
for furnishing false information, empowering the agency to
borrow money upon its own credit by the issuance and sale of
bonds and notes and by giving security therefor, permitting
the refunding, redemption and purchase of such obligations by
the agency, prescribing remedies of holders of such bonds and
notes, exempting bonds and notes of the agency, the income
therefrom, and the income and revenues of the agency from
taxation, except transfer, death and gift taxes; making such
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bonds and notes legal investments for certain purposes; and
indicating how the act shall become effective," further
providing for the Housing Affordability and Rehabilitation
Enhancement Fund.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 406-D of the act of December 3, 1959
(P.L.1688, No.621), known as the Housing Finance Agency Law, is
amended by adding subsections to read:
Section 406-D. Fund.
* * *
(c) Interfund transfers.--Beginning July 31, 2015, and on
each July 31 thereafter, the State Treasurer shall transfer from
the General Fund to the fund an amount equal to the lesser of:
(1) forty percent of the difference between:
(i) the total dollar amount of the tax imposed under
section 1102-C of the act of March 4, 1971 (P.L.6, No.2),
known as the Tax Reform Code of 1971, and collected by
the Commonwealth for the prior fiscal year; and
(ii) the total dollar amount of such tax estimated
for the fiscal year beginning July 1, 2014, and as
contained in the final estimate signed by the Governor
for that fiscal year as required by section 618 of the
act of April 9, 1929 (P.L.177, No.175), known as The
Administrative Code of 1929; or
(2) twenty-five million dollars.
(d) Nothing in subsection (c) shall affect the tax rate set
forth under section 1102-C of the Tax Reform Code of 1971 or the
transfer of funds provided for in the act of July 2, 1993
(P.L.359, No.50), known as the Keystone Recreation, Park and
Conservation Fund Act.
Section 2. This act shall take effect in 90 days.
20150SB0566PN0539 - 2 -
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