PRINTER'S NO. 2874
No. 2170 Session of 1989
INTRODUCED BY LASHINGER, ANGSTADT, BUSH, FARMER, J. TAYLOR,
GODSHALL, NAHILL, DEMPSEY, ARGALL, HERSHEY, REBER, GRUPPO,
CESSAR, BUNT, WESTON, HECKLER, RAYMOND, GLADECK, MERRY,
CLYMER, DIETTERICK, SERAFINI, JADLOWIEC, MARSICO, FAIRCHILD,
BLACK, GEIST, NAILOR, JOHNSON, WILSON, HESS, WASS, SCHULER,
FOX, E. Z. TAYLOR, HERMAN, J. L. WRIGHT, D. W. SNYDER,
J. H. CLARK, DISTLER, GANNON, PHILLIPS, NOYE, McVERRY,
PERZEL, CORNELL, FOSTER, TRELLO, TELEK, CIVERA, ALLEN,
ROBBINS, DAVIES, ADOLPH AND KONDRICH, DECEMBER 6, 1989
REFERRED TO COMMITTEE ON URBAN AFFAIRS, DECEMBER 6, 1989
AN ACT
1 Amending the act of December 3, 1959 (P.L.1688, No.621),
2 entitled, as amended, "An act to promote the health, safety
3 and welfare of the people of the Commonwealth by broadening
4 the market for housing for persons and families of low and
5 moderate income and alleviating shortages thereof, and by
6 assisting in the provision of housing for elderly persons
7 through the creation of the Pennsylvania Housing Finance
8 Agency as a public corporation and government
9 instrumentality; providing for the organization, membership
10 and administration of the agency, prescribing its general
11 powers and duties and the manner in which its funds are kept
12 and audited, empowering the agency to make housing loans to
13 qualified mortgagors upon the security of insured and
14 uninsured mortgages, defining qualified mortgagors and
15 providing for priorities among tenants in certain instances,
16 prescribing interest rates and other terms of housing loans,
17 permitting the agency to acquire real or personal property,
18 permitting the agency to make agreements with financial
19 institutions and Federal agencies, providing for the purchase
20 by persons of low and moderate income of housing units, and
21 approving the sale of housing units, permitting the agency to
22 sell housing loans, providing for the promulgation of
23 regulations and forms by the agency, prescribing penalties
24 for furnishing false information, empowering the agency to
25 borrow money upon its own credit by the issuance and sale of
26 bonds and notes and by giving security therefor, permitting
27 the refunding, redemption and purchase of such obligations by
1 the agency, prescribing remedies of holders of such bonds and
2 notes, exempting bonds and notes of the agency, the income
3 therefrom, and the income and revenues of the agency from
4 taxation, except transfer, death and gift taxes; making such
5 bonds and notes legal investments for certain purposes; and
6 indicating how the act shall become effective," further
7 providing for mortgages to be offered by the agency.
8 The General Assembly of the Commonwealth of Pennsylvania
9 hereby enacts as follows:
10 Section 1. Article IV.-B of the act of December 3, 1959
11 (P.L.1688, No.621), known as the Housing Finance Agency Law, is
12 amended by adding a section to read:
13 Section 403-B. Second Mortgages.--The agency is hereby
14 authorized to make second mortgages by contract with lending
15 institutions of up to twenty (20) percent of the purchase price
16 to finance the purchase of owner-occupied, single family
17 residences.
18 Section 2. This act shall take effect in 60 days.
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