Bill Text: PA SR260 | 2011-2012 | Regular Session | Introduced

---

Bill Title: Directing the Legislative Budget and Finance Committee to conduct an economic impact study of the Homeowners Emergency Mortgage Assistance Program in this Commonwealth.

Sponsorship: Slight Partisan Bill (Republican 14-5)

Status: (Introduced - Dead) 2012-02-29 - Referred to URBAN AFFAIRS AND HOUSING [SR260 Detail]

Download: Pennsylvania-2011-SR260-Introduced.html

---

PRINTER'S NO. 1973
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE RESOLUTION
No. 260 Session of2012
INTRODUCED BY BROWNE, PILEGGI, RAFFERTY, BAKER, HUGHES, ERICKSON, VANCE, PIPPY, ALLOWAY, GREENLEAF, D. WHITE, SCHWANK, GORDNER AND ARGALL, FEBRUARY 29, 2012
REFERRED TO URBAN AFFAIRS AND HOUSING, FEBRUARY 29, 2012
A RESOLUTION
Directing the Legislative Budget and Finance Committee to
conduct an economic impact study of the Homeowners Emergency
Mortgage Assistance Program in this Commonwealth.
WHEREAS, Since 1983, Pennsylvania has had a unique and highly
effective program to prevent foreclosures, the Homeowners
Emergency Mortgage Assistance Program (HEMAP); and
WHEREAS, HEMAP has provided loans to more than 46,000
families facing foreclosure due to circumstances beyond their
control and who have had a likelihood of being able to resume
their payments in the future; and
WHEREAS, HEMAP provided short-term, low-interest loans to
help homeowners continue making mortgage payments; and
WHEREAS, According to Moody's Investors Service, the HEMAP
program has been more successful for families than the national
Home Affordable Modification Program; and
WHEREAS, State appropriations for the HEMAP program have been
$10,000,000 to $11,000,000, however, in 2011-2012, the
appropriation was $2,000,000; and
- 1 -
WHEREAS, According to the Reinvestment Fund, the Pennsylvania
Housing Finance Agency has administered more than $442,000,000
in loans for this program, with 20,000 loans being repaid in
full and a return of principal and interest of more than
$246,000,000; therefore be it
RESOLVED, That the Senate direct the Legislative Budget and
Finance Committee to conduct an economic impact study of the
HEMAP program; and be it further
RESOLVED, That the economic impact study include:
(1) Analysis of the impact of the program on
Commonwealth housing and mortgage lending markets.
(2) The impact on families in this Commonwealth due to
the financial reduction of the program.
(3) The cost and benefits of the program to communities,
neighborhoods, homeowners and financial services
institutions.
(4) The impact of these homeowners being able to sell
their homes or being forced into foreclosure;
and be it further
RESOLVED, That the committee submit its study to the Senate
no later than 90 days from the adoption of this resolution.
- 2 -