The rating on Pennsylvania Housing Agency's (PHFA) bonds reflects: A 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; The 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. PHFA continues to utilize its asset base to meet its legislative mandate of providing affordable housing for the state while at the same time managing its risk profile. PHFA has a strong board of directors, and has a positive relationship with the state legislature. The
