div class=ts-pagebuttonPage 1button div class=ts-image amp-img class=ts-thumb alt=Page 1: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails1jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 2button div class=ts-image amp-img class=ts-thumb alt=Page 2: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails2jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 3button div class=ts-image amp-img class=ts-thumb alt=Page 3: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails3jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 4button div class=ts-image amp-img class=ts-thumb alt=Page 4: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails4jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 5button div class=ts-image amp-img class=ts-thumb alt=Page 5: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails5jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 6button div class=ts-image amp-img class=ts-thumb alt=Page 6: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails6jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 7button div class=ts-image amp-img class=ts-thumb alt=Page 7: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails7jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 8button div class=ts-image amp-img class=ts-thumb alt=Page 8: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails8jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 9button div class=ts-image amp-img class=ts-thumb alt=Page 9: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails9jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 10button div class=ts-image amp-img class=ts-thumb alt=Page 10: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails10jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 11button div class=ts-image amp-img class=ts-thumb alt=Page 11: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails11jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 12button div class=ts-image amp-img class=ts-thumb alt=Page 12: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails12jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 13button div class=ts-image amp-img class=ts-thumb alt=Page 13: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails13jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 14button div class=ts-image amp-img class=ts-thumb alt=Page 14: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails14jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 15button div class=ts-image amp-img class=ts-thumb alt=Page 15: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails15jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 16button div class=ts-image amp-img class=ts-thumb alt=Page 16: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails16jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 17button div class=ts-image amp-img class=ts-thumb alt=Page 17: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails17jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 18button div class=ts-image amp-img class=ts-thumb alt=Page 18: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails18jpg width=142 height=106 layout=responsive amp-img divdivdiv class=ts-pagebuttonPage 19button div class=ts-image amp-img class=ts-thumb alt=Page 19: 1985 Annual Report - PHFA HOMEPAGE · policy investors in Agency issued multi-family securities can take comfort in the knowledge that the apartments will remain desir able places src=https:reader034vdocumentsusreader034viewer20220424085f239864e3a8404f330126ddhtml5thumbnails19jpg width=142 height=106 layout=responsive amp-img divdiv