PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency
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<strong>2003</strong> HIGHLIGHTS<br />
In <strong>2003</strong>, the <strong>Pennsylvania</strong> <strong>Housing</strong> <strong>Finance</strong> <strong>Agency</strong>:<br />
• Reserved $15,000,000 for the Homeownership Choice Program and a new mixed-use program to fund efficient development of affordable<br />
houses and dwelling units above street-level commercial facilities in older urban areas of the Commonwealth. The Homeownership Choice<br />
Program has gained national attention and was recognized for its success by the National Council of State <strong>Housing</strong> Agencies.<br />
• Allocated $23,892,000 of rental housing tax credits that will generate nearly $189,000,000 of actual investment in affordable multifamily<br />
apartments.<br />
• Under the PennHOMES Program, earmarked $29,742,000 for 1,202 rental units in 27 rental complexes.<br />
• Provided $14,664,000 of Homeowners’ Emergency Mortgage Assistance loans to 2,298 families to help keep them from losing their homes<br />
to foreclosure. To date, the program has made $323,000,000 of loans to 33,300 families and has been repaid in excess of $170,000,000.<br />
• Promoted the understanding of affordable housing among homebuyers, builders, developers, elected officials, real estate professionals, and<br />
the general public at more than 60 workshops, seminars, and public meetings.<br />
• <strong>Finance</strong>d the purchase of houses for 3,035 <strong>Pennsylvania</strong> families with $228,000,000 of funding provided by <strong>PHFA</strong>-issued mortgage securities.<br />
At the end of <strong>2003</strong>, the <strong>Agency</strong>’s home mortgage loan financing totaled $5,500,000,000 for 100,000 homebuyers.<br />
• Administered $161,000,000 of HUD Section 8 housing assistance payments for families of modest means, senior citizens, and persons with<br />
disabilities living in 40,479 subsidized apartments at 524 <strong>Pennsylvania</strong> developments.<br />
• As an organization, contributed $43,071 to the <strong>2003</strong> Commonwealth’s United Way Campaign, an average of $169 for each <strong>Agency</strong> donor.<br />
Because a number of retirees also made donations in the annual effort, <strong>PHFA</strong>’s participation rate was 106 percent of its workforce.<br />
<strong>PHFA</strong> programs have improved the living conditions of one in every twelve <strong>Pennsylvania</strong>ns.
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