Bill > HB2704

This bill amends Pennsylvania law to require corporations and other entities to report the number of single-family residential properties they own, including those owned by affiliates (related entities). It also establishes grounds for administrative dissolution or cancellation of registration for entities that repeatedly violate prohibitions on investor ownership of single-family residential property, defining "covered entity" as an entity owning 10 or more such properties and "prohibited entity" as one owning more than 50 (or 100 with a special permit for affordable housing initiatives). The bill introduces a new chapter in Pennsylvania law (Chapter 76 of Title 68) that outlines definitions, grants powers to the Department of State and the Office of Attorney General to investigate and enforce these provisions, imposes a 90-day waiting period for covered entities to purchase single-family residential properties listed for sale, and creates penalties for violations, including fines and the potential voiding of transactions. The revenue from these penalties will be distributed among the Department of State, the Pennsylvania Housing Finance Agency for affordable housing initiatives, and municipalities that uncover violations. The bill also includes exemptions for certain entities like developers intending to sell to owner-occupants, non-profit organizations, and employers renting to employees, and establishes a private right of action for individuals who believe a property was sold in violation of these new rules.