PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency

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5 THE PEOPLE, THE PROGRAMS, AND PHFA. PHFA is comprised of everyday people from all walks of life. Working together under one common purpose, the Agency exists to provide decent and affordable housing for older adults, people of modest means, and those who have special needs. Since 1972 we have made hundreds-of-thousands of homes and apartments available for Pennsylvanians across the Commonwealth. We not only provide good housing, but also create jobs and energize local and state tax bases. Behind our programs are real people who bring our efforts to life. Their professional lives are not separate from who they are away from the job. They are husbands and wives, mothers and fathers, sisters and brothers, sons and daughters, and friends and neighbors. They are ordinary people who understand the responsibility with which they have been charged and stand as stewards of the Agency’s mission. They are the very cause and reason our programs have changed the lives of so many Pennsylvanians. Within these pages you will meet a few of our people. They are much like anyone else. But they are extraordinary people, as well. And they accomplish extraordinary things. They are PHFA. Brian Hudson, Executive Director Brian Hudson’s career at PHFA traces the history of the Agency itself. He began as a junior staff member while still an undergraduate, and worked his way up to Chief Financial Officer before being appointed Executive Director. As a Certified Public Accountant, Brian understands the need for responsible, well-thought-out programs. As a leader, he knows that people are the greatest asset any organization can have. 2
7 Annual Report 2003 SONYA DOESN’T JUST WORK FOR PHFA. FIVE YEARS AGO, PHFA WORKED FOR HER. Sonya Burhannan: married and the mother of three, she knows how PHFA programs succeed. Her own home was purchased through a program that featured a below-market interest rate loan. In a way, this makes her ordinary. Just like any of us. Yet, Sonya Burhannan is extraordinary in so many ways. She is more than a nine-to-five Agency employee. Every day when she comes to work, Sonya brings a contribution to the Agency which, at first glance, goes unseen. When she arrives at the office, Sonya brings the woman who believes her children come first. She brings the woman who spends evenings editing a youth newsletter and who chaperones grade school field trips. Sitting in her office is not just a PHFA employee but a Sunday school teacher and vice-president of the church choir. As a mother, a wife, and a sister, Sonya Burhannan is an ordinary woman. If you’re lucky, she’s your neighbor. And she is a part of PHFA. Sonya Burhannan, REO Coordinator PHFA staff members work with private companies to ensure that the Agency’s REO portfolio is effectively managed. As coordinator for the Agency’s REO (real estate owned) operation, Sonya makes sure that all of the proper procedures for the disposition of PHFA-owned single-family properties are followed. She settles accounts in order to turn those homes into new opportunities for other Commonwealth families.
Page 1 and 2: We are husbands and wives, mothers
Page 3: 2003 HIGHLIGHTS In 2003, the Pennsy
Page 7 and 8: 12 NOTHING FINE-TUNES YOUR ABILITY
Page 9 and 10: 16 THE AMERICAN DREAM IS THE SAME F
Page 11 and 12: 19 BEFORE THERE’S A HOME THERE’
Page 13 and 14: fig. 1 fig. 2 fig. 3 fig. 4 fig. 5
Page 15 and 16: 28 29 FINANCIAL ANALYSIS MANAGEMENT
Page 17 and 18: 32 33 Debt Administration At year-e
Page 19 and 20: 36 37 Statements of Revenues, Expen
Page 21 and 22: 40 41 Statements of Cash Flows (in
Page 23 and 24: 44 45 PHFA has presented the statem
Page 25 and 26: 48 49 Investments The Agency catego
Page 27 and 28: 52 53 Changes in the allowance for
Page 29 and 30: 56 57 Interest (in thousands of dol
Page 31 and 32: 60 61 The Closing Cost Subsidy is a
Page 33 and 34: 64 65 Net pension obligation Beginn
Page 35 and 36: 68 69 STAFF OF THE PENNSYLVANIA HOU
Page 37: 211 North Front Street Harrisburg,

PHFA Annual Report 2003 - Pennsylvania Housing Finance Agency

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