Establishes the Housing Construction Loan Program and Fund in Pennsylvania to provide loans for new housing construction.
The bill establishes the Housing Construction Loan Program and the Housing Construction Loan Fund within the Pennsylvania Housing Finance Agency. The program aims to provide loans for the construction of new housing units, with eligible borrowers including builders and low- to moderate-income families. The fund is financed by appropriations, grants, and loan repayments. The agency sets loan limits and terms, including a maximum loan period of 15 years and a cap of 100% of the project cost.
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