Housing Programs
Funding for these programs comes from a number of sources, including the sale of the Agency’s securities to private investors
throughout the nation, program fees, State and Federal programs, and investment earnings. PHFA’s expenses are paid for by fee and investment
income. A substantial part of the Agency’s investment earnings is used to subsidize the housing programs.
PHFA offers a number of opportunities for Pennsylvania families to buy homes of their own. Qualification factors vary among programs and,
in some cases, from county–to–county. All PHFA homeownership programs are available to persons with disabilities.
PHFA also administers its REAL and HERO programs, which offer affordable mortgage refinancing and restructuring opportunities for qualified homeowners, and its Renovate and Repair Loan Program ("R&R"), providing subordinate funding to homeowners for home improvement and repair.
(Foreclosure Prevention)
HEMAP provides short-term, temporary funding to cure loan delinquencies, by providing mortgage payments to lenders on behalf of
qualifying homeowners for up to 24 months. Recipients must meet eligibility guidelines defined in state law (35 P.S. Section 1680.401 et seq,
as amended). Repayment of assistance is required.
Programs to finance rental housing offer project sponsors construction and/or permanent financing from a wide variety of sources: federal HOME dollars;
the allocation of housing tax credits; and, allocation of private activity bond
cap for qualified residential rental facilities. Restrictions and application deadlines vary among programs.
This program provides up to $25,000 for 20-year, very low interest rate loans to homeowners for the repair or upgrade of
malfunctioning on-lot sewage systems. These loans are insured under the FHA Title I Home Improvement Loan Program.
The Agency also administers the HCP programs, including new construction of infill housing, mixed use facility financing, and targeted large scale housing renovation and new construction projects in urban areas. HCP generally funds developments intended to help transform distressed urban and core communities into attractive and viable neighborhoods.
