2012 PHFA Annual Report - Pennsylvania Housing Finance Agency

Pennsylvania Housing Finance Agency
Notes to Financial Statements
(in thousands of dollars) June 30, 2012 and 2011
11. Designated Net Assets
The Members of the Board have designated unrestricted net
assets for the following purposes for the years ended June 30:
General Fund: 2012 2011
Homeownership Choice to fund housing opportunity in urban areas $ 15,000 $ 15,000
Special Initiatives provide below market rate financing 11,850 11,850
Single Family Insurance to fund special hazard losses by homeowners 16,500 16,500
Homebuyer Counseling for education of first-time homebuyers 3,000 1,500
Multifamily Insurance for Agency insured or coinsured developments 10,000 10,000
Homeless Auxiliary Initiative provides assistance to homeless shelters - -
Total $ 56,350 $ 54,850
Multifamily Housing Program:
Penn HOMES Program to lower development costs for apartments $ 70,900 $ 71,000
Preservation manages physical deterioration, financial or social distress 3,000 3,000
Senior Housing Supportive Services to fund elderly resident services - -
Supportive Services to fund multifamily resident services - -
Total $ 73,900 $ 74,000
Single Family Mortgage Loan Program:
Closing Cost Assistance $ 19,500 $ 18,500
Additional Single Family Insurance to reduce the risk of default on loans 2,455 2,455
Total $ 21,955 $ 20,955
Insurance Fund:
Risk Retention to provide single family mortgage insurance $ 40,170 $ 38,021
12. Interfund Balances
and Interfund Transfers
To meet the liquidity requirements of the individual funds, the
Agency transfers funds to and from the funds for mortgage
related activities, debt service payments or to reimburse the
General Fund for payments of shared services. Due to or from
other funds result mainly from the time between when services
are provided and reimbursements are made. Transfers and
due to and due from other funds are summarized below for the
year ended June 30, 2012:
Interfund transfers in:
General Fund $ 6,100
Single Family Mortgage Loan Program 2,730
Interfund transfers out:
$ 8,830
Multifamily Housing Program $ 8,830
Due from other funds:
General Fund $ 49,514
Multifamily Housing Program 30,123
Due to other funds:
$ 79,637
Single Family Mortgage Loan Program $ 79,637
Transfers due to and due from other funds are summarized
below for the year ended June 30, 2011:
Interfund transfers in:
General Fund $ 8,123
Single Family Mortgage Loan Program 23,704
$ 31,827
Interfund transfers out:
Multifamily Housing Program $ 31,827
Due from other funds:
General Fund $ 31,653
Multifamily Housing Program 54,685
$ 86,338
Due to other funds:
Single Family Mortgage Loan Program $ 86,338
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2012 Financial statements annual report 2012
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