$478 million in bonds to expand affordable homeownership programs in Pennsylvania
The Pennsylvania Housing Finance Agency (PHFA) has successfully sold $478 million in Single-Family Mortgage Revenue Bonds, marking the second-largest such transaction in its history. The proceeds will be used to finance mortgages for low- to moderate-income homebuyers through PHFA's programs like Keystone Home Loan and downpayment assistance initiatives including K-FLEX, K-FIT, and K-DATE. Since 2023, over $5.6 billion from similar bond sales has supported PHFA’s mortgage programs, making it one of the largest in the U.S. From January 1, 2023, to August 31, 2026, PHFA provided more than $4.7 billion in loans to over 21,810 Pennsylvanians. PHFA's bond financing model allows it to offer competitive mortgage rates and downpayment assistance by leveraging investor funds rather than tax dollars. The agency repays investors using monthly payments from borrowers and investment earnings.
Topics: government financing homeownership programs mortgage bonds