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. 44, November 2, 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:
This section cited in 12 Pa. Code § 61.2 (relating to initial allocations for Commonwealth agencies); 12 Pa. Code § 61.3 (relating to restrictions on county allocations); and 12 Pa. Code § 61.6 (relating to allocation procedures).
