annualreport.phfa.org2023 Annual Report – PHFA Annual Report

PHFA Our Programs Our Progress Our Performance Our Financials MENU Cover About PHFA Our Programs Our Progress Our Performance Our Financials 50 Years Strong 2023 Annual Report 50 Years Strong 2023 Annual Report About PHFA Celebrating 50 Years of Housing Achievements A t first glance, the 2023 fiscal year might seem like any other at the Pennsylvania Housing Finance Agency. The staff went about its usual business: providing funding for the construction of affordable rental housing; helping homebuyers with home loan products that fit their budget; educating people about housing topics like mortgages and foreclosure, so they could make smarter housing decisions; and working with homeowners behind on their mortgages so they wouldn’t lose their homes. Yes, to most observers, it might seem like any other year … except it wasn’t. This year marked the 50 th anniversary of PHFA. The agency was created by the General Assembly at the end of 1972, and by September 1973 it had added more than 40 employees and was fully operational. Since then, it has grown to 315 employees providing critically needed housing programs supporting homeownership, affordable rental housing, foreclosure prevention, consumer education, funding for local housing initiatives, and so much more. As the housing market has evolved and housing needs have grown, PHFA has adapted, too, to meet those needs. A Time for Reflection and Celebration To mark its 50 th anniversary, and to educate the public about all the ways it stands ready to help them with housing, the agency has had ongoing events and promotions throughout the year. The month of May was especially festive with three big events. One recognized the role of the state legislature in creating and supporting the agency over the years. One celebrated our many business partners who help PHFA achieve its housing mission. And one recognized the many efforts of our employees over half a century to help people find and keep quality housing they can afford. It was important for the agency to hold these anniversary events, partly to recognize all the good work it has been able to achieve with its staff and housing partners over five decades. Recognition of work well done provides inspiration for the opportunities ahead. Plus, our 50 th anniversary events offered an important opportunity for reflection. Pausing to contemplate our housing mission and core values has reinvigorated the agency for continued success over the next 50 years. Some of this year’s events are captured in photographs and a video. Whether someone attended or not, our 50 th anniversary archive of images lets them experience the pride expressed through our celebratory events. Photos can be viewed on our Flickr page, and a video of the gala for our business partners can be found on our YouTube channel. They capture the celebratory mood of the entire year and the positive emotions felt by everyone who’s been a part of our first 50 years. Key Dates In Our History 1973 PHFA first becomes operational with 40-50 employees; focus on affordable rental housing 1982 Begins offering affordable home loans 1983 Charged by legislature with leading HEMAP foreclosure prevention program 1992 Begins servicing its home loans in-house 1994 Homeownership counseling services expanded 2004 Move into current Harrisburg office 2012 Popular PHARE program begins, funding local housing initiatives 2019 Employees move into new adjoining tower, providing more space; staff at 315 A more detailed timeline of PHFA’s 50-year history is available on our website, plus you can watch a short video of the agency’s historical highlights on our YouTube channel. Our Leadership Governor Josh Shapiro PHFA continues to offer critical assistance to Pennsylvanians.” Executive Director Robin Wiessmann PHFA is ‘the housing agency with a heart.’” MEET OUR BOARD OF DIRECTORS The agency’s 13 board members provide their time and expertise out of their desire to improve the availability of affordable housing throughout the commonwealth. They are appointed to serve by the governor or General Assembly, or they serve as part of the responsibility of their high-level state government position. Tap on photos for board members’ names. Pennsylvanians invented the state housing finance agency. Legislators working here in Harrisburg, more than 50 years ago, in fact, were the first in the country to recognize the critical need and fundamental value in a state-level capacity to finance affordable housing. Stockton Williams EXECUTIVE DIRECTOR National Council of State Housing Agencies Hear his insightful comments about PHFA as a national leader. Watch Video A Glimpse of Our History from the PHFA Photo Archive In preparation for this year’s anniversary celebration, PHFA staff digitized more than 400 photos spanning the agency’s history over five decades. The photos triggered fond memories about our early years, coworkers and friends, and the countless customers we’ve helped. This three-minute video montage with music captures some of our favorite images and remembrances. Our Programs W hen the agency first became operational in 1973, it had a singular focus on financing the construction of more affordable rental housing across the commonwealth. Over the years, as people’s housing needs have changed, PHFA has responded with a variety of additional programs and services, always focused on preserving and expanding the availability of affordable housing. Today the agency offers programs like loans to help people make home repairs, financial assistance to avoid foreclosure, consumer education on personal money management, and so much more. Many of these programs would not be available in Pennsylvania if not for the efforts of PHFA. Tap on the PHFA program areas below to learn more. Homeownership Housing CounselingConsumer Education Affordable Rental Housing Housing Research Foreclosure Prevention Funding Local Housing Initiatives Community Development Addressing Homelessness Customer ServicePublic Outreach Homeownership Administration of $350 million assistance fund for homeowners distressed during the pandemic Affordable home loans Closing cost and down payment assistance Home repair and improvement loans, including energy efficiency upgrades Affordable loans for public sewer connections or on-lot septic systems Housing CounselingConsumer Education* Housing guidance for consumers by certified counselors Homebuyer-readiness education Foreclosure counseling and comprehensive foreclosure intervention An online homebuyer education course Personal money management seminars Financial education for former convicts and incarcerated veterans to teach life skills and reduce recidivism *All PHFA counseling and education programs are free, with costs underwritten by the agency. Affordable Rental Housing Funding, including Low Income Housing Tax Credits, to support the construction and preservation of affordable rental housing Free online rental housing resource at PaHousingSearch.com that includes Section 8 and accessible listings Support for housing services that promote independent living Financial assistance to secure affordable apartments for people with disabilities Housing Research PHFA funds an annual fellowship with a stipend to support housing research and the career development of young housing professionals Funding for research on a variety of pressing housing topics Foreclosure Prevention Foreclosure prevention loans to help homeowners behind on their mortgage Foreclosure counseling to help homeowners find resources and strategies to save their home HEMAP* is a nationally recognized foreclosure prevention program duplicated by other states *HEMAP stands for Homeowners’ Emergency Mortgage Assistance Program. Funding Local Housing Initiatives The popular PHARE* program funds local housing initiatives in all 67 counties *PHARE stands for the PA Housing Affordability and Rehabilitation Enhancement Fund....