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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | June 7, 2023 01:59 PM |
|---|---|
| From: | Senator Frank A. Farry |
| To: | All Senate members |
| Subject: | Redevelopment Authority Loan Pilot Program |
| In the near future, I plan to introduce legislation that would create a new loan program under the Department of Community and Economic Development for county redevelopment authorities, classifications second class a through eighth. Long term loans would be available to the authorities, at a low interest rate, in order to acquire blighted residential or commercial properties, and to redevelop or rehabilitate them. This money would then be paid back to the Commonwealth and returned to the fund for other redevelopment authorities to utilize. This is modeled off of a highly successful blight abatement program in Bucks County. Following an initial capitalization in 2016, the Redevelopment Authority has successfully rehabilitated 35 residential properties without additional funding. These efforts have also resulted in over 100 additional properties to be rehabilitated by the private sector, without government intervention. This new loan program will be offered as a pilot program, available through the full utilization of the funds or 2026, whichever occurs first. The program stipulates that one county of each classification, if eligible and who has applied, would be awarded a loan up to $500,000. Representatives Hogan and Davis have a companion piece of legislation in the House. Please join us in co-sponsoring this legislation to combat blight in our communities. |
Introduced as SB802