PHFA director outlines financing tools, urges scale and community‑driven use of FAIR funds

Robin Weissman, Executive Director and CEO of the Pennsylvania Housing Finance Agency, told the House Housing & Community Development Committee on an informational panel that PHFA uses bond markets and multiple state and federal funding streams to finance homeownership, preserve and develop affordable rental housing, and prevent foreclosures.

Weissman said PHFA does not receive direct General Fund appropriations for its core lending operations and instead issues bonds in the public capital markets tied to the mortgage pools the agency underwrites. “We sell them very frequently. Historically … 2 or 3 times a year… we’ve been in the market 4 times last year, and we expect to be in the market 4 times this year,” she said.

The agency’s single‑family work centers on fixed‑rate, 30‑year mortgages for primarily first‑time buyers and includes down‑payment and closing‑cost assistance through the Keystone Forgivable in 10 (KFIT) program, which Weissman described as a priorit y for removing barriers to homeownership. PHFA also operates foreclosure prevention through the Homeowners Emergency Mortgage Assistance Program (HEMAP), administered for more than 40 years. HEMAP is a loan program with monthly repayments adjusted via annual recertifications and can be as low as $25 a month in some cases, Weissman said.

On rental housing, Weissman reviewed PHFA’s role as Pennsylvania’s administrator of the federal Low Income Housing Tax Credit (LIHTC) and how PHFA pairs LIHTC with supplemental resources. Those include the Pennsylvania Housing Tax Credit (PHTC), National Housing Trust Fund dollars, and a portion of HOME funds suballocated to PHFA by the Department of Community and Economic Development (DCED). Weissman said PHFA receives a $10,000,000 annual authorization of state PHTC credits and has awarded roughly $30,000,000 to date. In the current competitive 9% LIHTC cycle, she said 35 applicants requested approximately $35,000,000 in PHTC allocations.

Weissman described the FAIR program (the State Housing Trust Fund) as PHFA’s most flexible funding source. She said FAIR receives Marcellus Shale impact fee and Realty Transfer Tax funds; the current cycle saw more than 580 applications seeking more than $278,000,000. To date, she said FAIR has awarded about $290,000,000 and PHFA estimates that FAIR investments have leveraged more than $1,600,000,000 in community development activity.

She also reviewed the Mixed Use Development Tax Credit and the Community Revitalization Fund, created in 2016. The Mixed Use Tax Credit receives an annual allocation Weissman said is $4,500,000 and its proceeds are administered through a competitive Community Revitalization Fund that targets mixed commercial and residential projects with a 10‑year affordability commitment for rental units typically targeted to households at or below 80% of area median income.

Members asked about PHFA’s role serving households the so‑called “missing middle” (households at roughly 80%–120% of area median income). Weissman said PHFA’s statutory roles are circumscribed by existing programs such as LIHTC and the single‑family mortgage products, and that directly financing that income band would likely require legislative action. “We’re happy to give input to interested parties in the legislature,” she said, but added the agency’s revenue streams are currently limited.

Committee members also asked about project selection and transit‑oriented development. Weissman described PHFA’s Qualified Application Plan (QAP), which awards points and incorporates equity and distribution criteria. She said the 9% LIHTC generally supports new construction and higher‑cost projects while the 4% tax credit is often used for larger developments and preservation; PHFA evaluates applications on quantitative and qualitative criteria and looks for projects likely to reach completion.

On federal funding, Weissman said PHFA received significant American Rescue Plan resources that are now largely expended. She said annual federal flows to the agency (for example, HOME and Housing Trust Fund allocations routed through DCED) have declined and are expected to remain smaller than in prior years. By contrast, she said LIHTC has broad bipartisan support and its continuity is widely expected by stakeholders.

Weissman closed by noting PHFA’s counseling network of about 60 HUD‑certified counseling agencies across the Commonwealth, online education resources, and outreach materials for legislators and constituents. “We’re very, so very pleased with this down payment and closing cost program. I think it’s one of the best in the country,” she told the committee, and offered flyers and hotline materials for members to distribute in their districts.

The hearing included a brief question‑and‑answer period; no formal votes or directives were recorded on the transcript.