Bill Text: PA HB956 | 2009-2010 | Regular Session | Introduced

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Bill Title: Further providing for the Homeowner's Emergency Mortgage Assistance Fund.

Spectrum: Partisan Bill (Democrat 17-0)

Status: (Introduced - Dead) 2009-03-17 - Referred to COMMERCE [HB956 Detail]

Download: Pennsylvania-2009-HB956-Introduced.html

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PRINTER'S NO. 1094
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE BILL
No. 956 Session of2009
INTRODUCED BY GIBBONS, BELFANTI, BISHOP, BRENNAN, CARROLL, FABRIZIO, FREEMAN, GEORGE, GOODMAN, JOSEPHS, KORTZ, LEVDANSKY, LONGIETTI, McGEEHAN, McILVAINE SMITH, MELIO, MURPHY, M. O'BRIEN, PAYTON, ROSS, SIPTROTH AND WHITE, MARCH 17, 2009
REFERRED TO COMMITTEE ON COMMERCE, MARCH 17, 2009
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
bonds and notes legal investments for certain purposes; and
indicating how the act shall become effective," further
providing for the Homeowner's Emergency Mortgage Assistance
Fund.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 408-C of the act of December 3, 1959
(P.L.1688, No.621), known as the Housing Finance Agency Law,
amended December 21, 1998 (P.L.1248, No.160), is amended to
read:
Section 408-C. Homeowner's Emergency Mortgage Assistance
Fund.--The Homeowner's Emergency Mortgage Assistance Fund is
hereby created as a separate account within the agency for the
sole purpose of implementing the provisions of this article. [No
other agency funds, moneys or interest earnings shall be
utilized for the purposes of this article.] Investment and
interest earnings on moneys from this fund may be used by the
agency for the administrative costs of the program. The board
may annually authorize a transfer from the unrestricted net
assets of the agency's funds to the Homeowner's Emergency
Mortgage Assistance Fund. The amount of funds transferred shall
not exceed one (1) percent of the total unrestricted net assets
of the agency as certified in the annual financial statement
under section 207 and provided that such assets are not required
to meet the agency's debt obligations and that such transfers
are not in violation of the terms of bond resolutions and
indentures. The Homeowner's Emergency Mortgage Assistance Fund
shall operate as a revolving loan fund to which shall be
credited all repayment of principal and interest by mortgagors
to the agency to repay loans provided by the agency pursuant to
this article as well as grants or donations from other sources
and any funds that may be appropriated by the General Assembly.
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Section 2. This act shall take effect in 60 days.
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