This bill amends the Fiscal Code of Pennsylvania to establish the Redevelopment Authority Startup Loan Program and the associated Redevelopment Authority Startup Fund. The new article, designated as ARTICLE XVI-Z.1, outlines definitions and processes related to the program, including the roles of the Department of Community and Economic Development, qualified redevelopment authorities, and qualified land banks. The program allows these entities to apply for startup loans, with a maximum loan amount of $500,000, to be used for purchasing, redeveloping, or remediating residential or commercial properties, as well as covering certain administrative costs.

The bill also details the application and approval process for these loans, emphasizing the department's responsibility to prioritize applications from counties with existing municipal blight programs. It sets forth the terms for loan repayment, including a maximum term of 10 years and an interest rate not exceeding 2% per year. Additionally, the Redevelopment Authority Startup Fund is established as a revolving fund to facilitate these loans, with provisions for the deposit of appropriated funds and repayments. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 1862 (Jun 09, 2025): P.L.343, No.176