Pennsylvania proposes $10M program to boost first-time homebuyers and support life sciences

The Pennsylvania House of Representatives' Appropriations Committee meeting on February 18, 2024, focused on several key initiatives aimed at boosting the state's economy and addressing housing challenges. The discussions highlighted a proposed $10 million program to assist first-time homebuyers with closing costs, as well as significant investments in life sciences and infrastructure in preparation for major events in 2026.

A central topic was the proposed homebuyer assistance program, which aims to counteract a notable decline in first-time homebuyers in Pennsylvania. The Secretary of the Department of Community and Economic Development (DCED) noted a decrease from 40,000 first-time buyers in 2023 to about 30,000 in 2024. The program would offer a base award of $5,000 to help cover closing costs, with additional incentives for buyers in areas experiencing population decline. However, some committee members expressed concerns that the funding might only assist around 2,000 families, suggesting alternative approaches such as tax cuts to broaden the impact.

The meeting also addressed the state's commitment to life sciences, with plans to allocate funds to support innovation across Pennsylvania, not just in urban centers like Pittsburgh and Philadelphia. The Secretary emphasized the importance of including regions across the state in these investments, highlighting the diverse manufacturing and workforce training capabilities available.

In preparation for the 250th anniversary of Pennsylvania in 2026, the committee discussed a $10 million marketing initiative to promote tourism and a $15 million allocation for regional event security. These funds are intended to enhance safety and attract visitors during significant events, including the FIFA World Cup and the NFL Draft.

Additionally, the committee examined the funding for the Ben Franklin Technology Partners, which remains level at $17 million despite calls for increased support. The Secretary reassured members that other funding initiatives would complement the Ben Franklin program, allowing it to play a crucial role in fostering innovation.

Overall, the meeting underscored Pennsylvania's strategic focus on housing, economic development, and preparation for upcoming events, with a commitment to ensuring that benefits are distributed equitably across the state. The discussions set the stage for further legislative engagement and collaboration as the state navigates these critical initiatives.