The bill amends the Fiscal Code of Pennsylvania to establish the Redevelopment Authority Startup Loan Program and the associated Redevelopment Authority Startup Fund. This new program allows qualified redevelopment authorities and land banks to apply for startup loans from the fund, which is designed to support the purchase, redevelopment, and remediation of residential and commercial properties. The loans can be up to $500,000 and must be repaid within a maximum term of 10 years at an interest rate not exceeding 2% per year. The application process will open 60 days after funds are appropriated by the General Assembly and will remain open until all funds are awarded or until January 1, 2028.

The bill also outlines the definitions of key terms, eligibility criteria for loan usage, and the establishment of the Redevelopment Authority Startup Fund as a revolving loan fund within the State Treasury. The fund will be continuously appropriated for making startup loans and covering administrative expenses, with a cap on those expenses set at 2% of the previous year's loan awards. The Department of Community and Economic Development is tasked with overseeing the program, including the application review process and the issuance of guidelines for implementation.

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