Pennsylvania Sets its Sights on 11,000 Homebuyers

The Federal government has instituted programs to help stimulate the housing market and the economy as a whole. Individual states such as Pennsylvania have also instituted programs to help local housing markets and the local economy receive stimulation of its own.

The governor of Pennsylvania announced a $1.2 billion mortgage program, which is the baby of the U.S. Treasury, the Pennsylvania Housing Finance Agency, Fannie Mae and Freddie Mac, with the intention of making home ownership more affordable for 11,000 homebuyers in the state of Pennsylvania. Not only does the program help residents of the state but it also helps to boost the state economy.

The implementation of the program is expected to provide $50 million in seed money to fund construction loans for the building of approximately 450 new homes. New-home construction requires contractors, workers, builders and other construction related workers, so the program is also responsible for creating new jobs, which is another booster shot to the local economy. State programs like this are spreading across the country and contributing to the recovery of the state itself and the country as a whole.