SB 62 — An Act amending the act of April 9, 1929 (P.L.343, No.176), known as The Fiscal Code, establishing the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund.

PRIOR PRINTER'S NO.

23 THEPRINTER'S GENERALNO. ASSEMBLY OF PENNSYLVANIA SENATE BILL Session of No.

62942 2025THE INTRODUCEDGENERAL BYASSEMBLY FARRY,OF SAVAL,PENNSYLVANIA PENNYCUICK,SENATE FONTANABILL ANDSession COSTA, JANUARY 22, 2025 REFERRED TO URBAN AFFAIRS AND HOUSING, JANUARY 22, 2025 AN ACT Amending the act of AprilNo. 9, 1929 (P.L.343, No.176), entitled "An act relating to the finances of the State government;

62 2025 INTRODUCED BY FARRY, SAVAL, PENNYCUICK, FONTANA, COSTA AND SANTARSIERO, JANUARY 22, 2025 SENATOR PICOZZI, URBAN AFFAIRS AND HOUSING, AS AMENDED, JUNE 11, 2025 AN ACT 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 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, theand custodysecurities andbelonging disbursementto or otherin dispositionthe possession of fundsthends Commonwealth, and the settlement of claims against theethe 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;

<-- The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows:

20250SB0062PN002320250SB0062PN0942 - 2 - (a) Application.--A qualified redevelopment authority may apply to the department for a startup loan as provided under this article.

20250SB0062PN002320250SB0062PN0942 - 3 - (1) The purchase of a residential property or a commercial property by a qualified redevelopment authority.

(3) The department may require the qualified redevelopment authority to provide collateral sufficient in the department's determination to protect the Commonwealth's 20250SB0062PN002320250SB0062PN0942 - 4 - interest in the startup loan.

The money in the fund is appropriated to the department on a continuing basis for the purpose of making startup loans under this article and paying administrative expenses under subsection (d).(d) (C).

<-- (b) Deposits.--The following shall be deposited into the fund:

(c) Interfund transfer.--The State Treasurer shall transfer <-- $10,000,000 from the General Fund to the fund.

(d) (C) Administrative expenses.--The amount of <-- administrative expenses of the department paid from the fund in any fiscal year may not exceed 2% of the amount of startup loans awarded in that fiscal year.

(e) (D) Guidelines.--The department may issue guidelines to <-- implement this article.

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