HOUSING FINANCE AGENCY Homeowner's Emergency Mortgage Assistance Program; Availability of Funds [26 Pa.B. 3381] Under section 409-C of the Housing Finance Agency Law (35 P. S. § 1680.101 et seq.) (act), the Executive Director of the Housing Finance Agency (Agency) has determined that the Agency will have sufficient money available in the Homeowner's Mortgage Assistance Fund (Fund) to continue approving new applications for emergency mortgage assistance. This is due to the enactment of the General Fund Budget for Fiscal Year 1996-97, which contains an appropriation of $3,000,000 for the Homeowner's Emergency Mortgage Assistance Program.
The Agency projects that based upon this level of funding and expected repayments to be made to the Homeowner's Mortgage Assistance Program Fund, the money in the Fund will be insufficient to carry out the Program for the entire Fiscal Year. 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 et seq.
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.
WILLIAM C. BOSTIC,
Executive Director[Pa.B. Doc. No. 96-1147. Filed for public inspection July 12, 1996, 9:00 a.m.]
