Pennsylvania HB1574 establishes the Redevelopment Authority Startup Loan Program and Fund to provide loans up to $500,000 for redevelopment projects.

Pennsylvania HB1574 creates the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund. The fund serves as a revolving loan fund for startup loans up to $500,000. Eligible entities include qualified redevelopment authorities and land banks. These entities can apply for loans to purchase, redevelop, or remediate residential or commercial properties. The Department of Community and Economic Development reviews applications, prioritizing counties with municipal blight programs. Startup loans cannot be used for operating expenses or refinancing existing debt.

Pennsylvania HB1574 establishes the Redevelopment Authority Startup Loan Program and Fund to provide loans up to $500,000 for redevelopment projects.

Pennsylvania HB1574 creates the Redevelopment Authority Startup Loan Program and the Redevelopment Authority Startup Fund. The fund serves as a revolving loan fund for startup loans up to $500,000. Eligible entities include qualified redevelopment authorities and land banks. These entities can apply for loans to purchase, redevelop, or remediate residential or commercial properties. The Department of Community and Economic Development reviews applications, prioritizing counties with municipal blight programs. Startup loans cannot be used for operating expenses or refinancing existing debt.