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Addressing Affordable Housing
- According to Act 137 of 1992 (Affordable Housing Funds Act), the Recorder of Deeds can institute fees relating to Deeds and Mortgages being recorded, which can be accomplished through a county ordinance.
- These funds can be used for:
- First Time Home-buyer assistance ($10,000 or 10% of a home’s purchase price in Centre County)
- Projects to benefit protected populations (Elderly populations, those with disabilities, veterans, etc.)
- Rental and housing assistance services
- Home rehabilitation services (single family homes and rentals) and more
- Approximately $85,000 in affordable housing funds comes through this office
- Modernize fees for services to drive first-time home ownership and home rehabilitation to:
- Increase tax revenue passively, keeping tax rates stable (lessen increases)
- Increase home ownership and individual wealth
- Improve property values and increase market activity, driving economic growth