div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=1 data-page=1 class=ts-thumb lazyload alt=Page 1: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails1jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=2 data-page=2 class=ts-thumb lazyload alt=Page 2: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails2jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=3 data-page=3 class=ts-thumb lazyload alt=Page 3: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails3jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=4 data-page=4 class=ts-thumb lazyload alt=Page 4: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails4jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=5 data-page=5 class=ts-thumb lazyload alt=Page 5: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails5jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails6jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=7 data-page=7 class=ts-thumb lazyload alt=Page 7: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails7jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=8 data-page=8 class=ts-thumb lazyload alt=Page 8: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails8jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails9jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=10 data-page=10 class=ts-thumb lazyload alt=Page 10: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails10jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=11 data-page=11 class=ts-thumb lazyload alt=Page 11: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails11jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails12jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=13 data-page=13 class=ts-thumb lazyload alt=Page 13: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails13jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=14Page 14button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=14 data-page=14 class=ts-thumb lazyload alt=Page 14: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails14jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=15 data-page=15 class=ts-thumb lazyload alt=Page 15: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails15jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=16Page 16button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=16 data-page=16 class=ts-thumb lazyload alt=Page 16: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails16jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=17Page 17button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=17 data-page=17 class=ts-thumb lazyload alt=Page 17: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails17jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=18Page 18button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=18 data-page=18 class=ts-thumb lazyload alt=Page 18: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails18jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=19Page 19button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=19 data-page=19 class=ts-thumb lazyload alt=Page 19: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails19jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=20Page 20button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=20 data-page=20 class=ts-thumb lazyload alt=Page 20: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails20jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=21Page 21button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=21 data-page=21 class=ts-thumb lazyload alt=Page 21: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails21jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=22Page 22button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=22 data-page=22 class=ts-thumb lazyload alt=Page 22: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails22jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=23Page 23button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=23 data-page=23 class=ts-thumb lazyload alt=Page 23: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails23jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=24Page 24button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=24 data-page=24 class=ts-thumb lazyload alt=Page 24: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails24jpg width=140 height=200 divdivdiv class=ts-pagebutton class=gotoPage data-page=25Page 25button div class=ts-imageimg data-url=1990-annual-report-phfa-homepage-in-1990-the-agencys-direct-cash-subsidy-sincehtmlpage=25 data-page=25 class=ts-thumb lazyload alt=Page 25: 1990 Annual Report - PHFA HOMEPAGE · in 1990 the Agencys direct cash subsidy since 1987 to its multifamily financing programs reached $48 million Active but prudent investment loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader036vdocumentsusreader036viewer20220709185fb81ff036abd637ef3e1178html5thumbnails25jpg width=140 height=200 divdiv
