HARRISBURG PA – The Pennsylvania Association of Realtors (PAR) endorsed a plan announced Wednesday (June 10, 2009) by Gov. Edward G. Rendell to use part of $380 million in federal economic recovery funds to help the state’s home buyers.
Under Rendell’s proposal, the Pennsylvania Housing Finance Agency (PHFA) will allocate $5 million for the Keystone First Program, a down-payment assistance initiative that provides up to $6,000 in down payment funding to at least 1,000 first-time home buyers.
“By initiating this program, the governor and PHFA are making significant strides in helping reinvigorate the real estate market and the economy in Pennsylvania,” PAR President Greg Herb said.
In addition, the state Department of Community and Economic Development’s (DCED) Neighborhood Stabilization program will provide $57 million to local governments to buy, rehabilitate and resell blighted and foreclosed properties. “With these funds and programs in place, we may be able to see a faster recovery of the housing market in Pennsylvania,” Herb added.