Pennsylvania Code & Bulletin
COMMONWEALTH OF PENNSYLVANIA

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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 53 Pa.B. 8238 (December 30, 2023).

12 Pa. Code § 61.5. Allocations of tax-exempt bond authority.

§ 61.5. Allocations of tax-exempt bond authority.

 The act allocates the Commonwealth’s tax-exempt bond authority to five categories as follows:

   (1)  Housing related bonds. An amount equal to $160 million will be allocated for housing related bonds, including qualified residential rental projects and qualified mortgage bonds as defined by sections 142(d) and 143(a) of the Internal Revenue Code (26 U.S.C.A. § §  142(d) and 143(a)). Requests to apply the housing related bond allocation to specific projects or uses, including mortgage credit certificate programs, will be reviewed and may be approved or disapproved by the Board of the Housing Finance Agency. Application for housing related bond allocations shall be made to the Executive Director of the Housing Finance Agency.

   (2)  Qualified student loan bonds. An amount equal to $50 million will be allocated to the Pennsylvania Higher Education Assistance Agency for qualified student loan bonds provided by section 144(b) of the Internal Revenue Code (26 U.S.C.A. §  144(b)).

   (3)  Qualified small issue bonds. An amount equal to $175 million will be allocated for qualified small issue bonds under section 144(a) of the Internal Revenue Code. This amount will be allocated in accordance with the formula in §  63.1(d) (relating to allocations). Requests to apply this allocation to specific projects or uses will be reviewed and may be approved or disapproved by the Secretary. Application for allocations shall be made to the Private Capital Financing Office in the Department. The Secretary will provide allocations for qualified small issue bonds utilizing the procedure and subject to the requirements in §  63.3 (relating to procedures).

County Allocation
Adams$400,000
Allegheny$14,785,000
Armstrong$400,000
Beaver$400,000
Bedford$400,000
Berks$6,457,000
Blair$4,188,000
Bradford$400,000
Bucks$9,445,000
Butler$5,471,000
Cambria$1,505,000
Cameron$400,000
Carbon$400,000
Centre$400,000
Chester$6,860,000
Clarion$400,000
Clearfield$1,259,000
Clinton$400,000
Columbia$400,000
Crawford$3,981,000
Cumberland$400,000
Dauphin$400,000
Delaware$1,659,000
Elk$400,000
Erie$8,514,000
Fayette$400,000
Forest$400,000
Franklin$4,605,000
Fulton$400,000
Greene$400,000
Huntingdon$400,000
Indiana$400,000
Jefferson$2,242,000
Juniata$400,000
Lackawanna$574,000
Lancaster$4,327,000
Lawrence$3,439,000
Lebanon$2,530,000
Lehigh$2,508,000
Luzerne$5,681,000
Lycoming$400,000
McKean$3,609,000
Mercer$5,106,000
Mifflin$400,000
Monroe$1,214,000
Montgomery$17,270,000
Montour$2,175,000
Northampton$12,416,000
Northumberland$400,000
Perry$400,000
Philadelphia$6,240,000
Pike$400,000
Potter$400,000
Schuylkill$3,777,000
Snyder$400,000
Somerset$400,000
Sullivan$400,000
Susquehanna$400,000
Tioga$400,000
Union$400,000
Venango$400,000
Warren$400,000
Washington$6,628,000
Wayne$400,000
Westmoreland$5,160,000
Wyoming$400,000
York$6,575,000
Totals$175,000,000

   (4)  Other qualified private activity bonds. An amount equal to $166 million will be allocated to other qualified private activity bonds, including qualified redevelopment bonds as defined by section 144(c) of the Internal Revenue Code, exempt facility bonds as defined by section 142 (excluding section 142(d)) of the Internal Revenue Code, and enterprise zone bonds as defined by section 1394 of the Internal Revenue Code (26 U.S.C.A. §  1394), all of which are subject to the volume cap provided by section 146 of the Internal Revenue Code (26 U.S.C.A. §  146). Requests to apply this allocation to specific projects or uses will be reviewed and may be approved or disapproved by the Secretary. Applications for allocations shall be made to the Private Capitol Financing Office in the Department. An allotment of at least 25% of the allocation provided in this paragraph is reserved for solid waste disposal projects.

   (5)  Special allocation pool. The Secretary may utilize not more than $50 million for a special allocation pool for projects which require more bond authority than a given county has currently available to it. To qualify for consideration to use this pool, local issuing authorities shall demonstrate to the Secretary’s satisfaction that they have acted responsibly in selecting projects which maximize long-term net new job creation, consistent with the intent of the act. Decisions regarding use of the special allocation pool for small issue purposes will be based upon the characteristics and merits of individual projects proposed, and upon the record of the issuing authority in utilizing industrial development financing to create or retain jobs. A project may be considered if the entire allocation for the county in which the project is proposed has been obligated. In determining approval or disapproval of allocation requests from this pool, the Secretary will consider the following:

     (i)   The amount of the allocation available.

     (ii)   The size of the project.

     (iii)   The level of economic distress.

     (iv)   The number of net new jobs to be created.

     (v)   The ability to undertake the project without approval of the tax exempt financing.

     (vi)   The amount of private funds leveraged.

     (vii)   The project’s consistency with the economic development plans of the Commonwealth and of municipalities and regions.

     (viii)   The date the bonds are to be issued.

Source

   The provisions of this §  61.5 adopted January 10, 1986, effective January 1, 1986, 16 Pa.B. 129; amended January 30, 1987, effective retroactively to January 1, 1987, 17 Pa.B. 571; amended January 22, 1988, effective January 1, 1988, 18 Pa.B. 386; amended April 1, 1988, effective retroactively to January 1, 1988, 18 Pa.B. 1492; corrected April 22, 1988, effective retroactively to January 1, 1988, 18 Pa.B. 1933; amended August 23, 1991, effective August 24, 1991, 21 Pa.B. 3825; amended April 17, 1992, effective April 18, 1992, 22 Pa.B. 1928; amended August 6, 1993, effective August 7, 1993, 23 Pa.B. 3705; amended May 27, 1994, effective May 28, 1994, 24 Pa.B. 2704; amended March 24, 1995, effective March 25, 1995, 25 Pa.B. 1082; amended June 21, 1996, effective June 22, 1996, 26 Pa.B. 2923; amended March 14, 1997, effective March 15, 1997, 27 Pa.B. 1369; amended February 27, 1998, effective February 28, 1998, 28 Pa.B. 1139. Immediately preceding text appears at serial pages (230854) to (230857).

Cross References

   This section cited in 12 Pa. Code §  61.2 (relating to initial allocations for Commonwealth agencies); 12 Pa. Code §  61.3 (relating to restrictions on county allocations); and 12 Pa. Code §  61.6 (relating to allocation procedures).



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