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 Renovate and Repair Loan Program ("R&R"), providing subordinate funding to homeowners for home improvement and repair.
HEMAP provides short-term, temporary funding to cure loan delinquencies, by providing mortgage payments to lenders on behalf of qualifying homeowners for up to 24/36 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 septic systems. These loans are insured under the FHA Title I Home Improvement Loan Program.