PRINTER'S NO. 649
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
31
Session of
2019
INTRODUCED BY HAYWOOD, VOGEL, FONTANA, MUTH, GORDNER, SCHWANK,
YUDICHAK, YAW, ARGALL, TARTAGLIONE, FARNESE, A. WILLIAMS,
BLAKE, LEACH, BREWSTER, BOSCOLA, BARTOLOTTA, COSTA AND
KILLION, APRIL 25, 2019
REFERRED TO URBAN AFFAIRS AND HOUSING, APRIL 25, 2019
AN ACT
Amending the act of December 3, 1959 (P.L.1688, No.621),
entitled "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
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indicating how the act shall become effective," in
Pennsylvania Housing Affordability and Rehabilitation
Enhancement Program, further providing for fund.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. Section 406-D(c)(1) of the act of December 3,
1959 (P.L.1688, No.621), known as the Housing Finance Agency
Law, is amended to read:
Section 406-D. Fund.
* * *
(c) Interfund transfers.--
(1) Beginning July 31, 2015, and each July 31
thereafter, the State Treasurer shall transfer from the
General Fund to the fund an amount equal to [the lesser of:
(i)] forty (40) percent of the difference between:
[(A)] (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
[(B)] (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
(ii) twenty-five million ($25,000,000) dollars].
* * *
Section 2. This act shall take effect in 60 days.
20190SB0031PN0649 - 2 -
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