The ratings on Pennsylvania Housing Finance Agency's (PHFA) bonds reflect: The agency's very strong asset base and good reserve position; Very strong financial performance, continued profitability, and stable equity levels; The very strong management team of the agency; An ability of the agency to demonstrate continued state support while exercising autonomy and independence; and The agency's ability to successfully meet its legislative mandate. PHFA's mandate is to finance mortgage loans for low- to moderate-income residents of the state, as evidenced by its asset base of approximately $3.66 billion, of which 76% (or $2.74 billion) are mortgage loans. PHFA continues to utilize its asset base to meet its legislative mandate of providing affordable housing for the state while at the same
