The ratings on Pennsylvania Housing Finance Agency's (PHFA) bonds reflect: Very strong financial performance and earnings quality, with continued profitability and stable equity levels; The agency's very strong asset base and good reserve position; The high quality of the agency's investment portfolio; The state's stable economic base and housing market; The very strong management team of the agency; and The ability of the agency to demonstrate continued state support while exercising autonomy and independence. Pennsylvania Housing Finance Agency's multifamily development bonds series 2005-K are backed by its general obligation pledge. Bond proceeds will be used by the agency to support its lending activity for qualified affordable housing programs. These include the repayment of certain amounts of construction and interim financing
