THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL

Transcription

1 PRINTER'S NO. THE GENERAL ASSEMBLY OF PENNSYLVANIA HOUSE BILL No. Session of 00 INTRODUCED BY BEAR, SAYLOR, STURLA, ADOLPH, BOYD, BOYLE, CUTLER, DENLINGER, EVERETT, FLECK, GINGRICH, GOODMAN, GRELL, GROVE, HELM, HICKERNELL, KILLION, MAJOR, OBERLANDER, PICKETT, RAPP, REICHLEY, ROCK, SIPTROTH, STEVENSON, SWANGER AND YUDICHAK, JULY, 00 REFERRED TO COMMITTEE ON COMMERCE, JULY, 00 AN ACT 0 Providing for a housing and economic revitalization rebate program; imposing duties on the Pennsylvania Housing Finance Agency; and establishing the Build Pennsylvania Fund. The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows: Section. Short title. This act shall be known and may be cited as the Housing and Economic Revitalization Act. Section. Definitions. The following words and phrases when used in this act shall have the meanings given to them in this section unless the context clearly indicates otherwise: "Agency." The Pennsylvania Housing Finance Agency. "Homestead." As defined in Pa.C.S. 0 (relating to definitions). "Qualified previously owned homestead." A single-family homestead, whether detached or attached, that has been owned by

2 0 0 0 a party other than the purchaser, that is purchased to be the primary residence of the purchaser and is eligible for a rebate under this act. "Qualified primary residence." A single-family homestead, whether detached or attached, that has never been occupied, that is purchased to be the primary residence of the purchaser and is eligible for a rebate under this act. "Qualified renovation project." The design and construction of an existing homestead involving the modification or adaptive reuse of the existing homestead performed through contracts and scope of work prescribed by the agency, which is eligible for a rebate under this act. Section. Rebate eligibility for qualified primary residence. (a) Rebate.--In the case of any purchaser who purchases a qualified primary residence on and after the effective date of this section and before July, 0, there shall be allowed as a rebate against the purchase price of the qualified primary residence an amount equal to the lesser of % of the purchase price of the qualified primary residence or $0,000. (b) Settlement.--Settlement for the qualified primary residence shall be reached before July, 0. Section. Application for rebate for qualified primary residence. In accordance with guidelines established by the agency, a purchaser who has entered into an agreement of sale for the acquisition of a qualified primary residence shall submit an application for a rebate to the agency within a time frame prescribed by the agency prior to the settlement of a qualified primary residence. Section. Conditions of rebate for qualified primary 000HBPN - -

3 0 0 0 residence. (a) Single residence.--the rebate under section shall be allowed for the purchase of only one qualified primary residence with respect to any purchaser. (b) Occupancy.--The rebate under section shall only be available to a purchaser who demonstrates to the satisfaction of the agency that the purchaser will occupy the qualified primary residence as the purchaser's primary residence immediately following the purchase. (c) Repayment.--A purchaser shall be liable for and must repay the full amount of any rebate provided in the event the purchaser is determined to have misrepresented the purchaser's intention to occupy the qualified primary residence as the primary residence of the purchaser. (d) Certification.--No rebate shall be allowed under section unless the purchaser submits with the application a certification by the seller of the qualified primary residence that the qualified primary residence has never been previously occupied. The certification must be provided to the agency within a time frame prescribed by the agency. (e) Final determination by agency.--the determination of the agency with respect to any certification required in this section is final and conclusive and may not be reviewed in any administrative or judicial proceeding. Section. Allocation of rebate for qualified primary residence. (a) Lump sum payment.--the rebate under section shall be made available at the settlement of the qualified primary residence in a lump sum. (b) Married purchasers applying separately.--in the case of 000HBPN - -

4 0 0 0 two married purchasers applying separately, the rebate allowed under section shall be equally apportioned between the two purchasers. (c) Multiple purchasers.--if two or more purchasers who are not married purchase a qualified primary residence, the amount of the rebate allowed under section shall be allocated among the purchasers in the same manner as each purchaser's percentage of ownership, except that the total amount of the rebates allowed to all of the purchasers shall not exceed $0,000. Section. Rebate eligibility for qualified previously owned homestead. (a) Rebate.--In the case of any purchaser who purchases a qualified previously owned homestead on and after the effective date of this section and before July, 0, there shall be allowed as a rebate against the purchase price of the qualified previously owned homestead an amount equal to $,00. (b) Settlement.--Settlement for the qualified previously owned homestead shall be reached before July, 0. Section. Application for rebate for qualified previously owned homestead. In accordance with guidelines established by the agency, a purchaser who has entered into an agreement of sale for the acquisition of a previously owned homestead shall submit an application for a rebate to the agency within a time frame prescribed by the agency prior to the settlement of a previously owned homestead. Section. Conditions of rebate for qualified previously owned homestead. (a) Single homestead.--the rebate under section shall be allowed for the purchase of only one qualified previously owned 000HBPN - -

5 0 0 0 homestead with respect to any purchaser. (b) Occupancy.--The rebate under section shall only be available to a purchaser who demonstrates to the satisfaction of the agency that the purchaser will occupy the qualified previously owned homestead as the purchaser's primary residence immediately following the purchase. (c) Repayment.--A purchaser shall be liable for and must repay the full amount of any rebate provided in the event the purchaser is determined to have misrepresented the purchaser's intention to occupy the qualified previously owned homestead as the primary residence of the purchaser. Section 0. Allocation of rebate for qualified previously owned homestead. (a) Lump sum.--the rebate under section shall be made available at the settlement of the qualified previously owned homestead in a lump sum. (b) Married purchasers applying separately.--in the case of two married purchasers applying separately, the rebate allowed under section shall be equally apportioned between the two purchasers. (c) Multiple purchasers.--if two or more purchasers who are not married purchase a qualified previously owned homestead, the amount of the rebate allowed under section shall be allocated among the purchasers in the same manner as each purchaser's percentage of ownership, except that the total amount of the rebates allowed to all of the purchasers shall not exceed $,00. Section. Rebate eligibility for qualified renovation project. (a) Rebate.--In the case of any purchaser who purchases a 000HBPN - -

6 0 0 0 qualified renovation project on and after the effective date of this section and before July, 0, there shall be allowed as a rebate against the purchase price of the qualified renovation project an amount equal to the lesser of % of the purchase price of the qualified renovation project or $,000. (b) Contracts.--All obligatory contracts for the purchase of the qualified renovation project shall be signed on or after the effective date of this section and before July, 0. (c) Design professionals and qualified contractors.-- Qualified renovation projects shall be designed and constructed by design professionals and contractors having their principal place of business within this Commonwealth. (d) Qualified project.--a qualified renovation project shall cost no less than $0,000 and shall add additional square footage to an existing homestead or convert a multifamily residence into a qualified primary residence. Section. Application for rebate for qualified renovation project. Upon all obligatory contracts for the purchase of the qualified renovation project being signed, a purchaser shall submit an application for a rebate to the agency within a time frame to be determined by the agency. Section. Conditions of rebate for qualified renovation project. (a) Occupancy.--The rebate under section shall only be available to a purchaser who demonstrates to the satisfaction of the agency the purchaser will occupy the homestead for which the qualified renovation project is to be constructed as the purchaser's primary residence immediately following the purchase. 000HBPN - -

7 0 0 0 (b) Repayment.--A purchaser shall be liable for and must repay the full amount of any rebate provided in the event the purchaser is determined to have misrepresented the purchaser's intention to occupy the homestead for which the qualified renovation project is to be constructed as the primary residence of the purchaser. Section. Allocation of rebate for qualified renovation project. (a) Lump sum.--the rebate under section shall be made available in a lump sum upon all obligatory contracts for the qualified renovation project being signed. (b) Married purchasers applying separately.--in the case of two married purchasers applying separately, the rebate allowed under section shall be equally apportioned between the two purchasers. (c) Multiple purchasers.--if two or more purchasers who are not married purchase a qualified renovation project, the amount of the rebate allowed under section shall be allocated among the purchasers in the same manner as each purchaser's percentage of ownership, except that the total amount of the rebates allowed to all of the purchasers shall not exceed $,000. Section. Combining rebates. (a) Rebates combined.--a rebate for the purchase of a qualified previously owned homestead under section may be combined with a rebate for the purchase of a qualified renovation project under section. (b) Prohibition.--A rebate for the purchase of a qualified primary residence, under section may not be combined with any other rebate under this act. Section. Aggregate rebate limitations and allocation. 000HBPN - -

8 0 0 (a) Total amount.--the total amount of rebates that may be allowed pursuant to this act shall not exceed $00,000,000. (b) Availability of funds.--if funds are available in the Build Pennsylvania Fund, upon receipt of a completed application for a rebate, and upon approval of the application, the agency shall allocate a rebate to a purchaser on a first-come-firstserved basis. Section. Establishment of Build Pennsylvania Fund. The Build Pennsylvania Fund is hereby established as a separate account within the agency for the sole purpose of implementing the provisions of this act. No other agency funds, moneys or interest earnings shall be utilized for the purposes of this act. Investment and interest earned on the moneys in this fund may be used by the agency for the administrative costs under this act. Section. Authority of agency. The agency may prescribe rules, guidelines and procedures necessary or appropriate to carry out the purposes of this act, including any guidelines regarding the allocation of the rebate allowed under this act. Section. Expiration. This act shall expire January, 0. Section 0. Effective date. This act shall take effect immediately. 000HBPN - -