PA HB1696

Establishes the Pennsylvania Lease with Guaranteed Purchase Option Home Ownership Program through the Pennsylvania Housing Finance Agency, allowing low-to-moderate income households (at or below 80% of area median income) to lease rehabilitated homes in distressed census tracts with a guaranteed option to purchase at the appraised value set at lease signing

Requires monthly payments not to exceed 110% of HUD fair market rent, with at least 20% of each payment deposited into an interest-bearing escrow account for the lessee's future down payment, matched 1:1 by state program funds

Creates strong lessee protections including a minimum 10-year lease term with automatic annual renewals, eviction only for nonpayment or material lease violations after notice and cure periods, mandatory eviction diversion program participation, and a 6-month reinstatement right after termination

Prohibits lessors from requiring insurance purchases, charging early termination penalties or collection fees, or mandating arbitration; requires detailed written disclosures of all payment terms, purchase price, and lessee rights

Exempts property transfers from lessors to lessees under the program from state and local realty transfer taxes; requires lessees to complete free home ownership counseling before exercising purchase option