This bill amends the Housing Finance Agency Law of December 3, 1959, by establishing a new Housing Construction Loan Program and a corresponding Housing Construction Loan Fund. The program aims to provide loans to eligible builders and low- to moderate-income persons or families for the construction of new housing units. The Pennsylvania Housing Finance Agency will administer the program, which includes specific definitions for "eligible builder," "Fund," and "Program." The agency is authorized to issue loans to eligible builders for constructing housing units intended for sale to low- and moderate-income families, as well as to these families for long-term financing of such units.

The bill outlines various provisions regarding loan terms, including a maximum loan period of 15 years and limitations on loan amounts based on the median sale price of housing in the respective county. Additionally, it establishes the Housing Construction Loan Fund within the State Treasury, which will receive appropriated funds, grants, and repayments from loans made under the program. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 874 (Mar 10, 2025): P.L.1688, No.621
Printer's No. 0874: P.L.1688, No.621