Pennsylvania Code › Title 12 - COMMERCE, TRADE AND LOCAL GOVERNMENT › Part III - Business Financing › Subpart B - Bonds › Chapter 61 - PRIVATE ACTIVITY BONDS-STATEMENT OF POLICY › Section 61.5 - Allocations of tax-exempt bond authority

Current through Register Vol. 54, No. 28, July 13, 2024
The act allocates the Commonwealth's tax-exempt bond
					 authority to five categories as follows:
(1)
Housing related bonds.
An amount equal to $160 million will be allocated for housing related bonds,
				  including qualified residential rental projects and qualified mortgage bonds as
				  defined by sections 142(d) and 143(a) of the Internal Revenue Code
				  (26 U.S.C.A. §§
											142(d) and
				  143(a)). Requests
				  to apply the housing related bond allocation to specific projects or uses,
				  including mortgage credit certificate programs, will be reviewed and may be
				  approved or disapproved by the Board of the Housing Finance Agency. Application
				  for housing related bond allocations shall be made to the Executive Director of
				  the Housing Finance Agency.
(2)
Qualified student loan bonds.
An amount equal to $50 million
				  will be allocated to the Pennsylvania Higher Education Assistance Agency for
				  qualified student loan bonds provided by section 144(b) of the Internal Revenue
				  Code (26 U.S.C.A. §
											144(b)).
(3)
Qualified small issue
				  bonds.
An amount equal to $175 million will be allocated for qualified
				  small issue bonds under section 144(a) of the Internal Revenue Code. This
				  amount will be allocated in accordance with the formula in §
										63.1(d) (relating
				  to allocations). Requests to apply this allocation to specific projects or uses
				  will be reviewed and may be approved or disapproved by the Secretary.
				  Application for allocations shall be made to the Private Capital Financing
				  Office in the Department. The Secretary will provide allocations for qualified
				  small issue bonds utilizing the procedure and subject to the requirements in
				  §
										63.3 (relating to procedures).
County
Allocation
Adams
$400,000
Allegheny
$14,785,000
Armstrong
$400,000
Beaver
$400,000
Bedford
$400,000
Berks
$6,457,000
Blair
$4,188,000
Bradford
$400,000
Bucks
$9,445,000
Butler
$5,471,000
Cambria
$1,505,000
Cameron
$400,000
Carbon
$400,000
Centre
$400,000
Chester
$6,860,000
Clarion
$400,000
Clearfield
$1,259,000
Clinton
$400,000
Columbia
$400,000
Crawford
$3,981,000
Cumberland
$400,000
Dauphin
$400,000
Delaware
$1,659,000
Elk
$400,000
Erie
$8,514,000
Fayette
$400,000
Forest
$400,000
Franklin
$4,605,000
Fulton
$400,000
Greene
$400,000
Huntingdon
$400,000
Indiana
$400,000
Jefferson
$2,242,000
Juniata
$400,000
Lackawanna
$574,000
Lancaster
$4,327,000
Lawrence
$3,439,000
Lebanon
$2,530,000
Lehigh
$2,508,000
Luzerne
$5,681,000
Lycoming
$400,000
McKean
$3,609,000
Mercer
$5,106,000
Mifflin
$400,000
Monroe
$1,214,000
Montgomery
$17,270,000
Montour
$2,175,000
Northampton
$12,416,000
Northumberland
$400,000
Perry
$400,000
Philadelphia
$6,240,000
Pike
$400,000
Potter
$400,000
Schuylkill
$3,777,000
Snyder
$400,000
Somerset
$400,000
Sullivan
$400,000
Susquehanna
$400,000
Tioga
$400,000
Union
$400,000
Venango
$400,000
Warren
$400,000
Washington
$6,628,000
Wayne
$400,000
Westmoreland
$5,160,000
Wyoming
$400,000
York
$6,575,000
Totals
$175,000,000
(4)
Other qualified private activity bonds.
An amount equal to
				  $166 million will be allocated to other qualified private activity bonds,
				  including qualified redevelopment bonds as defined by section 144(c) of the
				  Internal Revenue Code, exempt facility bonds as defined by section 142
				  (excluding section 142(d)) of the Internal Revenue Code, and enterprise zone
				  bonds as defined by section 1394 of the Internal Revenue Code (26 U.S.C.A. §
											1394), all of which are subject to the volume
				  cap provided by section 146 of the Internal Revenue Code (26 U.S.C.A. §
											146). Requests to apply this allocation to
				  specific projects or uses will be reviewed and may be approved or disapproved
				  by the Secretary. Applications for allocations shall be made to the Private
				  Capitol Financing Office in the Department. An allotment of at least 25% of the
				  allocation provided in this paragraph is reserved for solid waste disposal
				  projects.
(5)
Special
				  allocation pool.
The Secretary may utilize not more than $50 million
				  for a special allocation pool for projects which require more bond authority
				  than a given county has currently available to it. To qualify for consideration
				  to use this pool, local issuing authorities shall demonstrate to the
				  Secretary's satisfaction that they have acted responsibly in selecting projects
				  which maximize long-term net new job creation, consistent with the intent of
				  the act. Decisions regarding use of the special allocation pool for small issue
				  purposes will be based upon the characteristics and merits of individual
				  projects proposed, and upon the record of the issuing authority in utilizing
				  industrial development financing to create or retain jobs. A project may be
				  considered if the entire allocation for the county in which the project is
				  proposed has been obligated. In determining approval or disapproval of
				  allocation requests from this pool, the Secretary will consider the following:
(i) The amount of the allocation
				  available.
(ii) The size of the
				  project.
(iii) The level of
				  economic distress.
(iv) The number
				  of net new jobs to be created.
(v)
				  The ability to undertake the project without approval of the tax exempt
				  financing.
(vi) The amount of
				  private funds leveraged.
(vii) The
				  project's consistency with the economic development plans of the Commonwealth
				  and of municipalities and regions.
(viii) The date the bonds are to be
				  issued.