HARRISBURG – To help families in accessing sustainable home ownership, Northampton County Rep. Robert Freeman has introduced a measure to establish the PA Lease Guaranteed Purchase Option Home Ownership Program, modeled after a lease-to-purchase concept. Under House Bill 1922, the PA Housing Finance Agency would administer the program which would specify the dates within which the option to purchase may be exercised, the amount of the purchase price, estimated closing costs, and the percentage of the purchase price needed for down payment. The bill also includes protections for lessor liability, prohibited contract provisions designed to protect the lessee, and a process for reinstating the agreement should default occur at some point. To be eligible for the program, the applicant’s household income would have to be at or below 100% of the area median income. Further, at least 30% of program funds would be allocated for lease-to-purchase housing projects that benefit households with incomes that are less than 80% of the median area income. The bill was referred to the PA House Housing and Community Development Committee.

REP. ROBERT FREEMAN