The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for senior 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 in 1972, PHFA has generated $11.5 billion of funding for more than 155,000 single-family home mortgage loans, helped fund the construction of 122,590 rental units, and saved the homes of more than 47,150 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities, not by public tax dollars. PHFA is governed by a 14-member board.
PHFA is a state-affiliated agency meaning employee salaries are not funded by taxpayer dollars. Our employees do not participate in the state pension program and do not participate in the Commonwealth's employee benefit programs. PHFA's programs are funded through the income we generate through investment activity, through program fees and through financing programs. As a mission-driven, nonprofit corporation providing affordable housing products to the citizens of the Commonwealth, we offer programs and administer funds on behalf of state, federal government, and tax related programs and we receive fees to deliver these programs.
The PennWATCH law was enacted to enable citizens of the Commonwealth to review state related activities, funding levels and expenditures. Although PHFA is not funded by state taxpayer dollars, PHFA believes that transparency is important in maintaining the trust of the citizens of the Commonwealth; therefore, PHFA will publish our corporate budget on our website and make relevant records accessible through PennWATCH.
In addition to its major programs, PHFA conducts housing studies, promotes counseling and education for renters and homebuyers, encourages supportive services at apartments it has financed, administers rent subsidy contracts for the federal government, and acts as an advocate to promote the benefits of decent, affordable shelter for those who need it most.
PHFA also has a significant effect on employment. Its homeownership and multifamily rental programs offer vendors excellent business opportunities in the fields of real estate sales, development, law, construction, architecture, engineering, lending, housing management, and related disciplines. Other PHFA-related measures affect employment and industry in a wide variety of fields and professional disciplines.
PHFA employs a staff of more than 260 individuals organized into three functional groups: Finance and Administration; Multifamily Housing Development; and, Homeownership Programs. PHFA maintains its headquarters in Harrisburg, with regional offices in Norristown and Pittsburgh.
PHFA, through its efforts, helps make the Commonwealth a great place to call home.
These figures are were last updated on January 15, 2014.