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Bill > HB1574

PA HB1574

PA HB1574
Establishing the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund.

summary

Introduced
06/09/2025
In Committee
07/15/2025
Crossed Over
07/01/2025
Passed
Dead

Introduced Session

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.

AI Summary

This bill establishes the Redevelopment Authority Startup Loan Program, which creates a new revolving loan fund within the State Treasury to provide financial assistance to qualified redevelopment authorities and land banks. Under this program, local redevelopment authorities and land banks can apply for startup loans up to $500,000 to purchase, redevelop, or remediate residential and commercial properties, with administrative expenses limited to 5% of the loan amount. The loans will have favorable terms, including a maximum 10-year repayment period and an interest rate not exceeding 2% per year. The Department of Community and Economic Development will manage the program, prioritizing applications from counties with existing municipal blight programs and ensuring at least one qualified authority or land bank in each county classification receives funding. Loan repayments will be deposited back into the fund, which can be used for future loans, with administrative expenses capped at 2% of the previous year's loan awards. The program will be available from 60 days after initial funding until January 1, 2028, or until all appropriated funds have been awarded, aiming to support local efforts to address property blight and promote community redevelopment.

Committee Categories

Budget and Finance, Housing and Urban Affairs

Sponsors (16)

Last Action

Referred to Urban Affairs & Housing (on 07/15/2025)

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