HOUSING FINANCE AGENCY Homeowner's Emergency Mortgage Assistance Program; Unavailability of Funds [26 Pa.B. 4695] 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 as of January 1, 1997, the Agency will have insufficient money available in the Homeowner's Emergency Mortgage Assistance Program (Fund) to accept new applications for emergency mortgage assistance.
The Agency projects that the money available in the Fund will be insufficient to pay out on new applications that are expected to be received after December 31, 1996, and at the same time, to continue making disbursements on behalf of mortgagors previously approved.
The Agency will continue to accept applications for mortgage assistance up to and including December 31, 1996. However, all applications approved by the Agency after that date will be specifically conditioned upon the continued availability of funds. The applications will be considered on a first-come, first-served basis.
Effective January 1, 1997, mortgagees shall no longer be subject to Article IV-C of the act, and mortgagees may, at any time on or after January 1, 1997, take legal action to enforce the mortgage without any further restriction or requirement of said article. Notwithstanding the above, however, mortgagees shall not take legal action against mortgagors who applied for mortgage assistance on or before December 31, 1996, and whose application was approved by the Agency in a timely manner; while continuing mortgage assistance disbursements are being made on their behalf by the Agency; or during the time that their mortgage assistance loan is being prepared for closing by the Agency.
If funds become replenished in sufficient amount, by an appropriation or otherwise, to continue the Homeowner's Emergency Mortgage Assistance Program, a new notice will be published in accordance with the act announcing that fact and thereafter mortgagees and mortgages shall again be subject to Article IV-C of the act.
WILLIAM C. BOSTIC,
Executive Director[Pa.B. Doc. No. 96-1643. Filed for public inspection September 27, 1996, 9:00 a.m.]
