Bizzarro unveils bills to modernize PA Treasury, housing

MATH Act would increase infrastructure funding and housing affordability, update Treasury programs

Pennsylvania House Democratic Caucus    July 1, 2024 | 12:15 PM

HARRISBURG, July 1 – State Representative Ryan Bizzarro (D-Erie) is unveiled a package of legislation to modernize access to the Pennsylvania Treasury, increase affordable housing options and use investments to spark economic development, the House Majority Policy Chairman announced Monday.

The Modernizing Access to Treasury and Housing Act, or MATH Act, is a package of four bills aimed at allowing Pennsylvania to keep pace with other states by increasing affordability in housing, supporting programs that help first-time homebuyers, updating how PA residents can recover unclaimed property and increasing economic development through investments in communities.

“I’ve traveled to every corner of Pennsylvania over the past year hearing from residents of all backgrounds, and it’s clear to me that we’re due to modernize access to housing, development, and Pennsylvania Treasury programs,” Bizzarro said. “This is a comprehensive set of bills to help attract and retain Pennsylvanians by funding infrastructure projects and helping more residents gain access to housing."

The first bill in the package would fund financial institutions to provide low-interest loans to qualified borrowers at the direction of the Treasurer. This would allow the commonwealth to infuse capital into local projects that might otherwise be restrained by limited loans or high-interest rates.

The second bill would create the Keystone Investstructure Fund, strengthening infrastructure and real estate development by partnering with investment firms for projects, requiring that these firms double match every dollar invested by the state. This bill would help provide a foundation for sustainable development while mandating fair wages and benefits.

Two additional bills are included in the MATH Act, including H.B. 2092, which would update the PA Treasury’s unclaimed property process by mandating the automatic return of all unclaimed property worth up to $10,000. The final bill in the package is Bizzarro’s first-time homebuyers legislation, which passed the House in late June and is awaiting action in the Senate.

“We need to make it easier for people to establish roots here in Pennsylvania. We can do that by investing in our communities, modernizing access to housing and ensuring residents receive the property they’re entitled to,” Bizzarro said. “I look forward to working with my colleagues to get this package across the finish line so we can help grow our commonwealth.”

Republican Pennsylvania Treasurer Stacy Garrity has announced her full support for the MATH Act.