Program Officer

Pennsylvania Housing agency raises $478 million for mortgages. HARRISBURG, PA - The Pennsylvania Housing Finance Agency raised approximately $478 million through a bond sale last week, securing new financing for mortgages and down payment assistance aimed at low- and moderate-income homebuyers across the state. The transaction was the second-largest single-family mortgage revenue bond sale in the agency's history, according to PHFA, and will support its Keystone Home Loan program and related down payment and closing-cost assistance programs, including K-FLEX, K-FIT and K-DATE. The financing expands PHFA's capacity to offer mortgage products at competitive rates as prospective buyers contend with housing affordability pressures. Discover more Chester County events Chester County businesses School district news Since 2023, the agency has deployed approximately $5.6 billion in mortgage revenue bond proceeds to support its single-family lending programs, placing it among the nation's largest programs of its kind. Between January 1, 2023, and August 31, 2026, PHFA provided more than $4.7 billion in loans to more than 21,810 Pennsylvania homebuyers. "Bond financing is fundamental to ensure PHFA has the ability to provide affordable mortgage options to Pennsylvanians," said Robin Wiessmann, the agency's executive director and chief executive officer. The agency uses proceeds from tax-exempt mortgage revenue bonds to finance qualifying home loans. Participating lenders originate mortgages that PHFA subsequently purchases using bond proceeds, allowing capital raised from investors to flow into additional homebuyer financing. The structure also supports down payment and closing-cost assistance, reducing the upfront cash requirements for eligible borrowers. PHFA repays bondholders using principal and interest payments from mortgage borrowers, along with investment earnings. The agency said repayments are funded exclusively through program revenues rather than tax dollars. Mortgage revenue bonds are a form of private activity bond issued by state and local government entities to finance eligible housing programs. Investors receive returns established when the bonds are priced. The latest transaction follows PHFA's entry into the multifamily housing bond market earlier this year. During the summer of 2026, the agency priced its inaugural multifamily housing bond series, raising more than $109.6 million to finance affordable rental housing development. Together, the transactions expand PHFA's financing capacity across both homeownership and rental housing, using capital markets to support housing programs without relying on tax revenues for bond repayment. Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources - free for everyone. If you value that, click here to become a patron today. Chester County events Discover more Local news subscription Community website advertising Chester County directory

Understanding housing as a cornerstone of economic development. What role does housing play in a state and local economy in the US today? In a recent episode of Inside Steer: Conversations with Experts, I highlighted that in the dozens of projects Fourth Economy works on across its business each year, whether focused on economic development, workforce, or strategic organisational priorities, housing nearly always emerges as an intersectional issue of its practice areas. Take its work on the Commonwealth of Pennsylvania Statewide Housing Action Plan, a first-of-its-kind strategy for housing across the big cities and rural expanses of the Keystone State. Pennsylvania is, in many ways, emblematic of both the challenges and opportunities of the socioeconomic landscape of the USA today. Since the 1970s, the state and the wider Rustbelt have been marked by the decline of heavy industry and urban depopulation. However, a shift to sectors including health, education, and the now booming tech sector have led a resurgence of large metropolitan areas like Pittsburgh, Philadelphia, and surrounding regions drawing in workers from across the wider US and across the globe. The economy is highly mixed with large rural and farming areas as well as smaller suburban communities, some of which have seen growth and regeneration thanks in part to remote workers drawn by lower house prices. Meeting the needs of incoming residents who can support economic growth while also addressing the concerns of long-term Pennsylvanians facing the effects of gentrification is a remarkable and rewarding challenge. As a state, Pennsylvania must balance the needs of wealth creators to stay on top and be competitive while also honouring its longstanding residents and ensuring they are not left behind. Meanwhile, the state is characterised by an ageing housing stock and a slow recovery in building permits since 2008, creating a constrained supply. As a result, individuals and families across the socioeconomic spectrum are increasingly struggling to access and sustain affordable, accessible housing. Its housing action plan was designed to meet the housing needs of all Pennsylvania residents, from market-rate to provision for unhoused people. Commissioned via an Executive Order from Governor Josh Shapiro, this work responds to the growing housing crisis across Pennsylvania. Fourth Economy partnered with an interagency team, including the Department of Community and Economic Development, Department of Human Services, the Pennsylvania Housing Finance Agency, and the Governor's Policy Office, to develop the state's first comprehensive housing action plan. Drawing on its expertise in housing analysis and stakeholder engagement, the team assessed current conditions, projected future need, benchmarked national best practice, and created a robust evidence base to inform strategy. The resulting 10-year plan sets clear statewide targets and outlines practical, data-driven actions to increase supply and improve access. Developed through extensive engagement across all 67 counties, it reflects the needs of urban, suburban, and rural communities. The analysis identified a requirement for 450,000 new housing units by 2035, avoiding a projected shortfall of 185,000 without intervention. Backed by an "all-of-the-above" approach and a proposed $1 billion investment, the plan provides a clear pathway to delivery. Turning housing strategy into delivery at scale. Turning housing strategy into delivery at scaleFrom statewide action plans to local implementation, Fourth Economy help governments translate housing need into clear, evidence-based strategies that unlock supply, improve access, and support economic growth. Speak to Nicole Muise-Kielkucki.