Pennsylvania Statutes Title 35 P.S. Health and Safety § 1680.102a. Further declaration of policy

The welfare of the Commonwealth of Pennsylvania is threatened by an inadequate supply of safe affordable housing for its citizens.  Projected needs for housing supply have been created by existing and expanding population and governmental action to eliminate existing substandard dwellings.  Increased construction costs, a scarce monetary supply for financing of housing and the resultant increase of mortgage interest rates have created a market demand situation that is unable to be satisfied through traditional methods.

The United States Congress has, as a matter of policy, enacted legislation which will help alleviate the desperate housing needs of Pennsylvania.  Through the adoption of the act of November 26, 1980, known as the Omnibus Reconciliation Act of 1980 (94 Stat. 2599), the Federal Government has recognized the issuance of tax-free mortgage revenue bonds as a proper innovative method for the states to ensure an adequate supply of money for mortgages.  Under the provisions of the Mortgage Subsidy Bond Tax Act of 1980 (Public Law 96-499, 94 Stat. 2599), Title II, of the Omnibus Reconciliation Act of 1980,  1 the Congress has set forth specific actions which state governments may and may not be involved in for a specified period of time.

The General Assembly hereby finds that it is appropriate for the Commonwealth of Pennsylvania to assist its citizens in acquiring safe affordable shelter through the issuance of tax-free mortgage revenue bonds.