Pennsylvania SB294 amends definitions and appropriations for redevelopment assistance capital projects.

Pennsylvania SB294 amends the Capital Facilities Debt Enabling Act to redefine "redevelopment assistance capital project" and adjust appropriations. The bill specifies that such projects must generate or maintain economic activity, have a regional impact, and be eligible for tax-exempt bond funding. It also mandates a minimum total project cost of $1,000,000 and requires at least 50% non-State financial participation, with half being secured funding. The bill repeals the previous $50,000,000 cap on housing unit construction funding.

Pennsylvania SB294 amends definitions and appropriations for redevelopment assistance capital projects.

Pennsylvania SB294 amends the Capital Facilities Debt Enabling Act to redefine "redevelopment assistance capital project" and adjust appropriations. The bill specifies that such projects must generate or maintain economic activity, have a regional impact, and be eligible for tax-exempt bond funding. It also mandates a minimum total project cost of $1,000,000 and requires at least 50% non-State financial participation, with half being secured funding. The bill repeals the previous $50,000,000 cap on housing unit construction funding.