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PA Bulletin, Doc. No. 96-600

NOTICES

HOUSING FINANCE AGENCY

Homeowner's Emergency Mortgage Assistance Program; Unavailability of Funds

[26 Pa.B. 1770]

   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 May 31, 1996, the Agency will have insufficient money available in the Homeowner's Emergency Mortgage Assistance Fund (Fund) to approve new applications for emergency mortgage assistance.

   This determination is based upon the fact that the proposed General Fund Budget for Fiscal Year 1996-97 contains no appropriation for the Homeowner's Emergency Mortgage Assistance Program. Without an appropriation, the Agency projects that the money available in the Fund will be insufficient to pay out on new applications that are expected to be approved after May 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 after May 31, 1996, for homeowners who are issued a Notice of Intention to Foreclose, under section 403-C of the act, before July 15, 1996. However, all applications approved will be specifically conditioned upon the continued availability of funds. Such applications will be considered on a first-come first-served basis.

   Effective July 15, 1996, mortgagees shall no longer be subject to the provisions of Article IV-C of the act, and mortgagees may, at any time after July 15, 1996, 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 are approved for mortgage assistance 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 an appropriation for the Homeowner's Emergency Mortgage Assistance Program is contained in the General Fund Budget finally enacted or in some other appropriation bill enacted into law, a new Notice will be published in accordance with law announcing that fact and thereafter mortgagees and mortgages shall again be subject to the provisions of Article IV-C of the Act.

KARL SMITH,   
Executive Director

[Pa.B. Doc. No. 96-600. Filed for public inspection April 12, 1996, 9:00 a.m.]


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