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PA SB62
PA SB62Establishing the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund.
summary
Introduced
01/22/2025
01/22/2025
In Committee
06/23/2025
06/23/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
2025-2026 Regular Session
Bill Summary
Amending the act of April 9, 1929 (P.L.343, No.176), entitled "An act relating to the finances of the State government; providing for cancer control, prevention and research, for ambulatory surgical center data collection, for the Joint Underwriting Association, for entertainment business financial management firms, for private dam financial assurance and for reinstatement of item vetoes; providing for the settlement, assessment, collection, and lien of taxes, bonus, and all other accounts due the Commonwealth, the collection and recovery of fees and other money or property due or belonging to the Commonwealth, or any agency thereof, including escheated property and the proceeds of its sale, the custody and disbursement or other disposition of funds and securities belonging to or in the possession of the Commonwealth, and the settlement of claims against the Commonwealth, the resettlement of accounts and appeals to the courts, refunds of moneys erroneously paid to the Commonwealth, auditing the accounts of the Commonwealth and all agencies thereof, of all public officers collecting moneys payable to the Commonwealth, or any agency thereof, and all receipts of appropriations from the Commonwealth, authorizing the Commonwealth to issue tax anticipation notes to defray current expenses, implementing the provisions of section 7(a) of Article VIII of the Constitution of Pennsylvania authorizing and restricting the incurring of certain debt and imposing penalties; affecting every department, board, commission, and officer of the State government, every political subdivision of the State, and certain officers of such subdivisions, every person, association, and corporation required to pay, assess, or collect taxes, or to make returns or reports under the laws imposing taxes for State purposes, or to pay license fees or other moneys to the Commonwealth, or any agency thereof, every State depository and every debtor or creditor of the Commonwealth," establishing the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund; and making an interfund transfer. <--
AI Summary
This bill establishes the Redevelopment Authority Startup Loan Program, which will provide loans of up to $500,000 to qualified redevelopment authorities in counties other than first or second class counties. The program allows these authorities to apply for startup loans between January 1, 2026, and January 1, 2028, with priority given to counties with existing municipal blight programs. Loan funds can be used for purchasing residential or commercial properties, redeveloping or remediating those properties, and covering related administrative costs (up to 5% of the loan). Loans cannot be used for operating expenses or refinancing existing debt. The loans will have a maximum term of 10 years with an interest rate not exceeding 2% per year, and repayments will be deposited into a newly created Redevelopment Authority Startup Fund. The State Treasurer will transfer $10 million from the General Fund to initialize the fund, and the Department of Community and Economic Development will administer the program, with administrative expenses limited to 2% of the loans awarded in a fiscal year. The bill aims to support redevelopment efforts in smaller counties by providing financial resources to local redevelopment authorities.
Committee Categories
Budget and Finance, Housing and Urban Affairs
Sponsors (6)
Frank Farry (R)*,
Jay Costa (D),
Wayne Fontana (D),
Tracy Pennycuick (R),
Steve Santarsiero (D),
Nikil Saval (D),
Last Action
Re-referred to Appropriations (on 06/23/2025)
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