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GOV. CASEY ANNOUNCES THE AVAILABILITY OF LOW-INTEREST HOME LOANS

 HARRISBURG, Pa., Jan. 21 /PRNewswire/ -- Gov. Robert P. Casey today announced the availability of $95 million in low-interest loans for first time home buyers in Pennsylvania.
 The loan money is being made available in March through the Pennsylvania Housing Finance Agency (PHFA).
 "The loans will be offered at an interest rate of 7.25 percent as a continuation of a program that not only makes home ownership available to low and moderate income families but also spurs the economy by creating employment in home building and related industries," Casey said.
 "And the added dividend is that the program is financed not by tax revenues but from the sale of PHFA bonds to investors. Everyone benefits from the PHFA program, which this administration has utilized time and again to make low-cost financing available to qualified home buyers."
 Since Casey took office in 1987, PHFA has offered $1.4 billion in home loans, compared to $800 million in the previous five years. More than 46,000 Pennsylvania families have benefitted from the program in the past 11 years.
 "The newest round of loans will help another 1,500 families buy homes," Casey said. "And because the loans have low closing costs in addition to low rates, the recipients will get more house for their money."
 PHFA will reserve $20 million of the latest loans for new construction to help create jobs in the building trades as well as provide needed new housing. The governor noted that PHFA home loans have helped to create more than 22,000 jobs and have added millions of dollars to local tax bases.
 Another $15 million of the loan money will be earmarked for very low income families under a policy initiated by the Casey administration in 1988.
 Between March 11 and 15, buyers who have contracts to purchase homes may go to a participating lender to sign up for a PHFA mortgage. The loan recipients will be selected from the registrants by random drawings.
 All loans are made by local lenders in compliance with PHFA guidelines.
 People wanting more information about the program should call the PHFA at 800-822-1174.
 /delval/
 -0- 1/21/93
 /CONTACT: Pamela Pryzie or Phil Friday, 717-780-3915, or 717-780-3890, of the Pennsylvania Housing Finance Agency/


CO: Pennsylvania Housing Finance Agency ST: Pennsylvania IN: SU:

MP -- PH017 -- 7360 01/21/93 11:27 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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