Subchapter QQ. NURSING HOME LOAN AGENCY’S
AUTHORIZATION TO SELL LOANS
AUTHORIZATION TO SELL LOANS
Sec.
7.641. Authorization to sell loans.
7.642. Use.
7.643. Effective date.
The provisions of this Subchapter QQ, adopted by Executive Order 1994-5, dated November 4, 1994, 24 Pa.B. 5734, unless otherwise noted.
The Nursing Home Loan Agency is authorized to sell the loans in its current portfolio.
The Nursing Home Loan Agency is directed to take actions necessary to proceed with the sale of its loans, and to use the proceeds received from the sale in the manner and for the purposes as follows:
(1) The proceeds of the sale, together with private funds, will be used to make low-cost bridge loans to encourage the construction of low income housing in this Commonwealth.
(2) The General Assembly directed, in the 1993-1994 Budget, that the first $10 million in proceeds from the disposition of nursing home loans be deposited with the Pennsylvania Housing Finance Agency and that any excess funds should be deposited in the General Fund.
(3) The General Assembly directed, in the 1993-1994 Budget, that up to $3 million in nursing home loan repayments be transferred to the Pennsylvania Housing Finance Agency leaving a $7 million balance due to the Pennsylvania Housing Finance Agency.
This subchapter shall take effect November 4, 1994.
§ 7.641. Authorization to sell loans.
§ 7.642. Use.
§ 7.643. Effective date.
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