Section 1753.3-E. Mixed-Use Revitalization Program.
(a) Establishment.--The Mixed-Use Revitalization Program is established within the authority to:
(1) Increase corridor mixed-use development.
(2) Maximize the leveraging of private and public resources.
(3) Foster sustainable partnerships committed to addressing community needs.
(4) Ensure that program resources are used to meet community needs effectively and efficiently.
(5) Provide funding in the form of grants and loans to projects that involve the acquisition, redevelopment and revitalization of distressed, unoccupied and blighted properties, including existing and former malls and similar commercial properties.
(a.1) Transfer.--From money appropriated for the Building Pennsylvania Program, the sum of $10,000,000 shall be transferred to the authority for the purpose established in subsection (a)(5).
(b) Eligibility.--To be eligible for program funding, a developer must commit matching funds of at least 20% of the total funding request for which the developer is applying under the program.
(c) Rules and guidelines.--The board shall develop guidelines to govern the application and rules of the program. The board shall solicit input from developers to maximize the economic impact and utilization of the program prior to the approval of the guidelines.
(d) Money.--The following shall apply:
(1) A grant awarded under the program shall not exceed more than twice the matching funds provided by a developer. The authority may provide money in the form of a loan to a developer in addition to money awarded as a grant.
(2) For a loan under paragraph (1), the board shall consider the amount of matching funds provided by a developer when determining loan repayment terms under the program.
(e) Use of American-made supplies.--A developer shall use best efforts to utilize American-made supplies in any development that uses money received from the program.
(f) Other funding sources.--A developer may combine funds awarded under the program with other funding sources from available Federal, State, local or county programs.
(g) Reporting.--The authority shall provide a report containing a list of the developments funded through the program by July 1, 2026, to:
(1) The Governor.
(2) The Auditor General.
(3) The chairperson and minority chairperson of the Urban Affairs and Housing Committee of the Senate and the chairperson and minority chairperson of the Housing and Community Development Committee of the House of Representatives.
(4) The chairperson and minority chairperson of the Community, Economic and Recreational Development Committee of the Senate and the chairperson and minority chairperson of the Commerce Committee of the House of Representatives.
(h) Definitions.--As used in this section, the following words and phrases shall have the meanings given to them in this subsection unless the context clearly indicates otherwise:
"American-made." Produced, manufactured, mined, grown or performed in the United States. For the purposes of this definition, produced or manufactured shall mean assembled in a location within the United States.
"Authority." The Commonwealth Financing Authority established in 64 Pa.C.S. § 1511 (relating to authority).
"Board." The board of the Commonwealth Financing Authority established in 64 Pa.C.S. § 1512 (relating to board).
"Developer." A person or business entity with a demonstrated history of advancing commercial or mixed-use redevelopment projects.
"Development." A planned commercial and mixed-use project that:
(1) is situated on at least 15 acres of property; and
(2) contains at least 200,000 square feet of proposed development that has not received a certificate of occupancy as of the effective date of this paragraph.
"Mixed-use development." A community revitalization project that promotes economic growth and shall include commercial assets and may include residential development opportunities and is zoned accordingly.
"Program." The Mixed-Use Revitalization Program established under subsection (a).
(1753.3-E added July 11, 2024, P.L.550, No.54)