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PA Bulletin, Doc. No. 96-2156



Homeowner's Emergency Mortgage Assistance Program; Availability of Funds

[26 Pa.B. 6141]

   Under section 409-C of the Housing Finance Agency Law (35 P. S. § 1680.101 et seq.) (act), the Executive Director of the Pennsylvania Housing Finance Agency (Agency) has determined that the Agency will have sufficient money available in the Homeowner's Emergency Mortgage Assistance Program Fund (Fund) to continue accepting and approving new applications for emergency mortgage assistance.

   Previous notice was published at 26 Pa. B. 4695 (September 28, 1996), which indicated that the Agency projected that funds would be insufficient to allow the Agency to accept new applications for emergency mortgage assistance after December 31, 1996.

   Since then, the Agency has received higher loan repayments and has made lower loan disbursements from the Fund than projected. Based upon the level of repayments currently being received, expected repayments to be received and the level of disbursements expected to be made from the Fund, the Agency projects that money in the Fund will be sufficient to carry out the Program for the remainder of the fiscal year. However, all applications approved will continue to be conditioned upon the availability of funds.

   Mortgagees and mortgages shall continue to be subject to the provisions of Article IV-C of the act (35 P. S. § 1680.401-C et seq.) and the Agency's Guidelines, 16 Pa. Code §§ 40.201--40.209.

   Should funds become insufficient to continue funding the program, the Executive Director shall cause a notice to be published in the Pennsylvania Bulletin, at least 60 days prior to the depletion of funds, announcing that fact and stating a date certain after which mortgagees will no longer be required to comply with the act.

   This notice shall take effect immediately.

Executive Director

[Pa.B. Doc. No. 96-2156. Filed for public inspection December 20, 1996, 9:00 a.m.]

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