State of Pennsylvania - Pennsylvania Housing Finance Agency

State of Pennsylvania - Pennsylvania Housing Finance Agency Profile and History

The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated more than $15.9 billion of funding for more than 186,412 single-family home mortgage loans, helped fund the construction of 138,000 rental units, distributed approximately $191 million to support local housing initiatives, and saved the homes of more than 50,520 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities and from fees paid by program users, not by public tax dollars. The agency is governed by a 14-member board.