About PHFA
Twenty years ago, the Pennsylvania Housing Finance Agency was under new leadership. The agency was reinvigorated with pioneering ideas, new energy, and a passionate staff. It started a period of its history that witnessed the introduction of many innovative housing programs and strong connections with a wide variety of business partners. PHFA expanded its programs, served a broadening customer base, and gained a national reputation for its excellent work. The annual report at that time said it was “A brand new day” for the agency.
We’re borrowing that same theme for this year’s annual report because it is, once again, “A brand new day” at PHFA. A new leadership team is bringing a fresh and dynamic perspective focused on updating the agency’s business processes and supporting software systems. The goals are to introduce smarter and more efficient approaches to daily work, ensuring staff can add value in their positions and applying PHFA resources in the most expedient manner possible. While much of this work is not directly visible to the public, our customers and business partners will notice the agency has a renewed emphasis on customer service similar to that found in private sector businesses.
PHFA is reinventing itself — still with the same dedication to our housing mission, but now using modern technology to work smarter and more effectively.
During the next few years, PHFA is reinventing itself — still with the same dedication to our housing mission, but now using modern technology to work smarter and more effectively. Our staff will be freed from mundane, repetitive tasks to, instead, have more time to apply their vast housing knowledge to make our programs work better. We will ensure our business systems are streamlined to deliver the best performance for our customers, and our business partners will welcome a PHFA that is more nimble and responsive to their ideas for housing solutions.
It is a brand new day at PHFA.
Key Facts About PHFA
Pennsylvania was the first state, more than 50 years ago, to propose the concept of a state-affiliated agency focused on expanding affordable housing options.
PHFA was created by the General Assembly in 1972 and became operational the following year.
PHFA is headquartered in Harrisburg with satellite offices in Norristown and Pittsburgh.
The agency is largely self-funded with income from the sale of securities, program fees and federal and state program administration reimbursements — only occasionally receiving public tax dollars.
PHFA has housing programs to support homeownership, affordable rental housing, housing counseling and consumer education, foreclosure prevention and more.
PHFA has 15 divisions that oversee its housing programs and administrative functions.
PHFA has a staff of 335 employees.
The agency’s administrative budget for the 2024 fiscal year was $52.4 million.
Our Leadership
MEET OUR BOARD OF DIRECTORS
The agency’s 14 board members provide their time and expertise out of their desire to improve the availability of affordable housing throughout the commonwealth. They are appointed to serve by the governor or General Assembly, or they serve as part of the responsibility of their high-level state government position.
Our Mission
In order to make the Commonwealth a better place to live while fostering community and economic development, the Pennsylvania Housing Finance Agency provides the capital for decent, safe, and affordable homes and apartments for older adults, persons of modest means, and those with special housing needs.
Our Programs
The Pennsylvania Housing Finance Agency was created in 1972 when leaders in the state legislature and Governor Milton Shapp proposed that more should be done to encourage the construction and availability of affordable housing across the commonwealth. The agency initially was focused on helping to fund the development of more affordable housing for renters. Over the years, many more programs have been added to respond to changing consumer needs and an evolving housing landscape. Today, PHFA provides affordable home loans, an online apartment locator, foreclosure prevention assistance, and so much more.
HEAR FROM OUR CUSTOMERS
No one can explain the importance of our housing programs better than the people we’ve helped. We frequently make the claim that affordable housing changes lives. The video testimonials below let you hear firsthand from our customers about how their lives were made better when PHFA helped them find quality, stable housing that fit their family’s budget.
Our Progress
The Pennsylvania Housing Finance Agency was started 51 years ago with just a handful of employees. Today, the agency has 335 people on staff with a wide variety of expertise, working across 15 divisions. Of special note, PHFA is a state-affiliated agency funded largely from its own investments and administrative fees, receiving only occasional state funding for special initiatives as determined by the state legislature. Its unique structure as a joint public-private organization positions it well for working in financial markets and responding to changing consumer and developer needs in multifamily and single-family housing.
Q1
Jul-Sept 2023
SEE HIGHLIGHTSQ2
Oct-Dec 2023
SEE HIGHLIGHTSQ3
Jan-Mar 2024
SEE HIGHLIGHTSQ4
Apr-Jun 2024
SEE HIGHLIGHTSOur Performance
These 67-county interactive state maps provide insights into PHFA housing investments statewide for fiscal year 2024. The supporting data and the new geospatial overlays demonstrate in a powerful way the great extent to which PHFA programs help people in the commonwealth with finding and securing affordable housing.
Housing Assistance by Key Areas
Click on a county to see the agency’s housing assistance there in four key areas: single-family home loans, funding for the construction of affordable rental housing, foreclosure prevention loans, and housing and community development assistance supporting local housing initiatives. Clicking on the icons below the map will provide more comprehensive data.
LEGEND
Multifamily funding = PennHOMES, National Housing Trust Fund/PHARE, PHFA first mortgage, and Realty Transfer Tax/PHARE sources
LIHTC = Low Income Housing Tax Credits
HEMAP = Homeowners’ Emergency Mortgage Assistance Program
PHARE = Pennsylvania Housing Affordability and Rehabilitation Enhancement Fund
$$$* = Receives funding shared with another county
Homeownership
Multifamily Housing
Community Development
Foreclosure Prevention
Housing Program Geospatial Impact
New this year, we have added data-driven map overlays that show the locational disbursement across Pennsylvania for the agency’s home loans, homeowner assistance loans, foreclosure prevention loans, and other funding. Additionally, all the map overlays can be selected at the same time to provide a comprehensive display of how extensively PHFA’s primary housing programs benefit renters and homeowners throughout the state.
Filter Data
For PHARE, each dot represents an award per county, not an exact project location. Additionally, there was regional and statewide PHARE funding not shown here.
Our Financials
The he past fiscal year witnessed a strengthening U.S. economy. Inflation continued to decrease. Monthly job creation was healthy. Consumer spending remained strong. Interest rates, which had risen significantly, started to moderate. The main sticking point was that higher home prices had become a burden for young families wanting to purchase their first home. Nevertheless, PHFA’s home loan production remained solid, thanks in large part to the agency’s below-market interest rates and its offering of down payment and closing cost assistance. All PHFA home loans are for 30-year terms in order to keep monthly loan payments as low as possible for our customers.
The agency had three bond offerings during the year, which garnered significant investor interest and provided funding for underwriting its home loan products. Additionally, agency investments in new business software and improved business processes will help it enhance its operational efficiencies. In sum, PHFA remains financially strong and well positioned to continue its housing mission.
Tap or hover over the charts to see dollar amounts.
NET POSITION
(in thousands)
Beginning of year:
$779,019
End of year:
$826,629
PHFA’s complete financial report for the
2024 fiscal year is conveniently available
on our website.
