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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | June 26, 2024 05:07 PM |
|---|---|
| From: | Representative Ryan A. Bizzarro |
| To: | All House members |
| Subject: | MATH Act |
| The MATH Act, or the Modern Access to Treasury & Housing Act, consists of four bills aimed at allowing Pennsylvania to keep pace with other states by increasing affordability in housing, supporting programs that help first-time homebuyers, updating how PA allows residents to recover unclaimed property and increasing economic development through investments in communities. Impact Pennsylvania: The best way to protect PA’s more than $163 billion in investments is encouraging the growth of families and businesses here. This legislation infuses capital into local projects that might otherwise be restrained by limited loans or high-interest rates; supports community banks by creating partnerships to ensure a robust financial market. It funds financial institutions to provide low-interest loans to qualified borrowers at the direction of the Treasurer. This program allows us to keep up with neighbors and states across the political sphere including Texas Certified Capital Companies, CalCAP in California, GrowNow Ohio, Invest in Illinois, New Mexico Small Business Investment Corp., and Nevada’s Silver State Opportunities Fund Keystone Investructure Fund Outdated and dangerous infrastructure is affecting the state’s ability to retain and attract families and businesses. When federal dollars are implemented, state spending on infrastructure typically declines – leading to an overall loss in investment. What positive affect will it have on PA? Creates mechanism to ensure long-term focus and returns by improving infrastructure and housing. Provides foundation and focus for sustainable development while mandating fair wages and benefits. What does it do? Strengthens infrastructure and real estate throughout PA. Partners with investment firms to provide for development projects and require they double match every dollar invested by the state. This program is designed to compete with programs in other states like Results Ohio, First Fund in Illinois, and the Michigan Finance Authority. The MATH act also includes two already introduced bills which I encourage members to cosponsor. HB 126 First-Time Homebuyers Savings Account which creates savings accounts for the exclusive purpose of purchasing a first home and allows contributors to deduct savings from state income tax. HB 2092 Unclaimed Property Progress which mandates return of all property worth $10,000 or less to any owner whose contact information can be verified within the last year. Please join me in providing this boost to Pennsylvania’s economic growth. |