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«PUBLIC MEETING NOTICE Pursuant to Act 84 of 1986 - Sunshine Act The monthly meeting of the Members of the Board of the Pennsylvania Housing Finance ...»

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Pursuant to Act 84 of 1986 - Sunshine Act

The monthly meeting of the Members of the Board of the Pennsylvania Housing Finance

Agency will be held on Thursday, February 5, 2015 at 10:30 a.m. at the offices of the

Agency, 211 North Front Street, Harrisburg, Pennsylvania. The purpose of this meeting is to

conduct normal Agency business and to approve the issuance of certain Agency securities.

Inquiries should be directed to the Secretary.

If you are a person with a disability and wish to attend this meeting and require an auxiliary aid, service or other accommodation to participate, please contact the Secretary by Monday, February 2, 2015 to discuss how the Pennsylvania Housing Finance Agency may best accommodate your needs.

Anyone wishing to be recognized by the Chair to address the Members of the Board at this meeting must contact the Secretary no later than Monday, February 2, 2015 either in writing or by telephone and detail the nature of their presentation.

Carrie M. Barnes Secretary Phone: 717.780.3911 TTY: 717.780.1869


THURSDAY, FEBRUARY 12, 2015 10:30 A.M.






Reallocation of Volume Cap – Perrysville Plaza Apartments A.

B. Other Business


6. ADJOURNMENT Pennsylvania Housing Finance Agency Meeting of the Board December 11, 2014

Members Present: Members Absent:

Glenn Moyer, Chairman *Thomas B. Hagen, Vice Chairman Craig H. Alexander K. Scott Baker Maria F. Coutts *Ronald F. Croushore *Noel E. Eisenstat Lisa R. Gaffney Keith Welks (serving in the stead of Rob McCord, State Treasurer) Brandon Danz (serving in the stead of Beverly Mackereth, Secretary, Department of Human Services) Ross Nese John Paone Mark Schwartz Edward Geiger (serving in the stead of C. Alan Walker, Secretary, Department of Community and Economic Development) *On Telephone conference call

Others Present:

Brian A. Hudson, Executive Director Rebecca L. Peace, Chief Counsel Carl Dudeck, Director of Housing Management Scott Elliott, Director of Communications Holly Glauser, Director of Development Bryce Maretzki, Director of Strategic Policy & Planning Kate Newton, Director of Homeownership Programs Bill Fogarty, Director of Government Affairs Kim Boal, Director of Information Technology Melissa Raffensperger, Policy Associate Michael O’Neill, Assistant Counsel JoLynn Story, Associate Counsel Jada Greenhowe, Assistant Counsel Lauren Starlings, Assistant Counsel Lori Toia, Director of HEMAP David Doray, Senior Development Officer Maggie Strawser, Legal Executive Assistant Chris Anderson, Communications Officer Page 2 Lisa Case, Manager of Project Operations Brian Shull, Manager of Preservation Programs Clay Lambert, Business Policy Officer Michael Kosick, Director of Technical Services John Zapotocky, Manager of Finance and Accounting Thomas Brzana, Director of Loan Servicing Larry Jackson, Manager of Internal Audit Christine Stewart, Senior Auditor Barbara Stephens, Public Affairs Officer Carla Falkenstein, Director of Western Region Steven Chopek, Manager of Housing Services JoAnn Wade, Manager of Escrow Donna Sciortino, Manager of Investments Heather Shull, Senior Investment Officer Amy Diehl, Investment Officer Brittany Bassett, Finance Coordinator Alan Jaffe, JP Morgan Robert Foggio, Morgan Stanley Michael Baumrin, RBC Dan Rosen, Merrill Lynch Mary K. Poole, Janney Capital Markets John Kelly, Janney Capital Markets Barry Gottfried, Wells Fargo Greg Brunner, M&T Bank Bob Yoder, Susquehanna Valley Development Nate Yoder, Susquehanna Valley Development Cindy Daley, Housing Alliance Jim Stretz, GK Baum Joe Siebert, KPMG Adrianne Trumpy, KPMG * Mike Horsey, Mitchell/Titus *Jamie Lontz, Mitchell/Titus Charlotte L. Nelson, Assistant Secretary Carrie M. Barnes, Secretary A meeting of the Members of the Board of the Pennsylvania Housing Finance Agency was held on Thursday, December 11, 2014, at 10:30 a.m. at the offices of the Pennsylvania Housing Finance Agency, 211 North Front Street, Harrisburg, Pennsylvania.

In compliance with the provisions of the Sunshine Act, notification of this meeting appeared in the Legal Notices Section of The Patriot News in Harrisburg, Dauphin County on November 25, 2014.


The meeting was called to order by Chairman Moyer at 10:30 a.m. The roll was called and a quorum was present.

Page 3 Mr. Hudson recognized two staff persons who will be retiring at the end of this year.

Joanne Wade in the Account and Loan Servicing Division has been at the Agency for 26 years and Mary Ann Sipos in the Pittsburgh Office has been at the Agency for over 30 years.

He wished both Joanne and Mary Ann the very best in their retirement and thanked them for their dedication and service to PHFA.

Mr. Hudson also recognized Donna Sciortino, the Agency’s Manager of Investments, as the Agency’s first 40 year employee. He also thanked Donna for her service and dedication to PHFA.



There were no additions or corrections to the minutes.

A motion was made by that the minutes from the October 9, 2014 Board meeting be approved as submitted. This motion was seconded and unanimously approved.


Ms. Gaffney, as Chair of the Program and Development Review Committee, reported that the Committee met prior to the Board meeting.

A. Portfolio Preservation Refinancing

1. Hillside Village, Woodland Manor and Hilltop Apartments Mr. Dudeck reported that the owners of these projects have requested permission to prepay their mortgages. He noted that to permit such requests, staff must be assured that the developments will remain in Pennsylvania’s affordable housing stock for at least 30 years; the Agency must not incur any economic losses due to the refinancing; and the refinancing must not create an economic hardship on the developments.

After reviewing the proposals, Mr. Dudeck stated that all of the conditions have been addressed and staff is recommending approval.

Ms. Gaffney reported that the Program and Development Review Committee concurs with staff's recommendation.

Ms. Gaffney made the motion that the Board approve the resolutions authorizing the portfolio preservation refinancings for Hillside Village, Woodland Manor and Hilltop Apartments. This motion was seconded by Page 4 Mr. Alexander and was unanimously approved. (See Appendices 1, 2 and 3 respectively of these Minutes.) B. Request for Allocation of Tax Exempt Issuing Authority

1. Berkshire Gardens Mr. Doray reported that the owner of this development is requesting an allocation of volume cap in an amount not to exceed $15,000,000. He reviewed the project and its financing plan. Staff recommends approval of this request.

Ms. Gaffney reported that the Program and Development Committee concurs with staff’s recommendation.

Ms. Gaffney made the motion that the Board approve the resolution authorizing the issuance of special limited obligation multifamily housing development bonds in an amount not to exceed $15,000,000 for Berkshire Gardens. This motion was seconded by Mr. Geiger and was unanimously approved. (See Appendix 4 of these Minutes.) C. Other Business Ms. Gaffney reported that the Committee approved the reallocation of 2014 tax credits for the North Penn Commons project (formerly Gateway on Main). The project had previously received an allocation of 2013 tax credits. No Board action is required on this issue.

There was no other business to be brought before the Board by the Committee.


Mr. Schwartz, as Chair of the Policy Committee, reported that the Committee met prior to the Board meeting.

A. Review of the 2015 PHARE “Draft” Plan Mr. Maretzki briefly reviewed the PHARE program and its permitted funding uses.

He stated that the Agency is required to adopt a plan establishing priorities each year Following the Board’s authorization to and how the funds will be distributed.

proceed with the plan, it will be posted for public comment. Following the public comment period, the Board will review the plan for final approval. After approval of the final plan by the Board, an RFP will be issued for requests for allocations. Staff will probably make recommendations for funding at the October 2015 Board meeting.

No action is required by the Board at this time. It is expected that the final plan will be submitted to the Board at the March 2015 meeting for their final approval.

Page 5 Mr. Schwartz complimented staff for their work on this program. He noted that the Agency has allocated $25,000,000 to 104 projects in the past three years assisting over 3000 families in 37 counties located in the Marcellus Shale regions. This has been a very successful program to this point and he anticipates that to continue.

Chairman Moyer echoed his thanks and appreciation to the staff in this endeavor.

B. Other Business Mr. Schwartz thanked the Board members for their attendance at the annual policy meeting held on December 10. He also thanked staff for all of the information gathered and presented to the Board on a wide variety of topics regarding the Agency’s programs and operations.

Chairman Moyer also complimented Mr. Hudson and the staff for their preparation for the policy meeting. He thanked Mr. Schwartz for his leadership and guidance throughout the meeting.



Ms. Peace discussed the Mortgage Credit Certificate (MCC) Program which is authorized under federal tax law as an alternative to the mortgage revenue bond program.

This program provides a direct limited tax credit to individual homeowners to offset their ordinary income. She reported that PHFA’s existing volume cap carry forward would be converted into MCC authority to fund this program. By utilizing this program, approximately $125,000,000 in MCC authority should subsidize approximately 2,027 mortgage loans at a maximum tax credit per borrower of $2,000.

There were no questions from the Board.

A motion was made authorizing conversion of housing related bond volume cap allocation and related matters for the implementation and administration of statewide Mortgage Credit Certificate Program. This motion was seconded by Mr.

Schwartz and was unanimously approved. (See Appendix 5 of these Minutes.)


Mr. Schwartz, as Chair of the HEMAP Committee, reported that the Committee met last week with the Mitchell & Titus, the auditors of HEMAP, to review the financial statements. The auditors have provided an unqualified opinion regarding HEMAP. It was noted that GASB 65 provisions are being applied to HEMAP for the first time. A brief discussion took place regarding this and what implications it might have on HEMAP.

Page 6 Mr. Schwartz stated that the HEMAP Committee recommends approval and acceptance of the financial statements as submitted.

Ms. Lontz reported that everything went well during their audit and they are appreciative of the cooperation from the staff.


Mr. Geiger, as Chair of the Audit Committee, reported that the Committee also met last week with Mitchell & Titus, the auditors of HEMAP, and KPMG, the Agency’s auditors to review the financial statements. He reported that there was a significant deficiency in the Agency’s financial statements with regard to the GASB 65 provisions and the Agency’s accounting treatment of Homeownership Choice Program projects, which have been addressed sufficiently.

KPMG has issued an unqualified opinion regarding the Agency’s financial statements.

Mr. Geiger stated that the Audit Committee recommends approval of both the HEMAP and Agency financial statements as submitted.

Mr. Siebert of KPMG thanked the Agency’s staff for all of their assistance in preparing the financial statements.

Mr. Geiger made the motion that the Board approve the audited financial statements as prepared by Mitchell Titus for the HEMAP. This motion was seconded by Mr. Schwartz and was unanimously approved.

Mr. Geiger made the motion that the Board approve the audited financial statements as prepared by KPMG for the Agency. This motion was seconded by Mr.

Baker and was unanimously approved.


Mr. Rosen representing Bank of America Merrill Lynch distributed an Investment Banker Report booklet.

He noted that the housing market is no longer fragile with housing inventory clearing quickly, prices rising and foreclosure rates dropping.

The Commonwealth’s unemployment rate is slightly lower than the national rate and the net gain of jobs available has continued to rise slightly.

Overall, the national economic development continues to recover. Despite the fact that the inflation rate is currently below target, Bank of America expects the first rate hike later this year by the Federal Reserve.

Page 7 With respect to the municipal market, rates have been down and it is expected that they will continue on a downward trend.

Chairman Moyer added that it is good to hear that the housing market is not as fragile as it has been in the past.

There were no additional comments or questions from the Board.


There were no comments or questions from the Board on this report.

10. PHFA INVESTMENT REPORT There were no comments or questions from the Board on this report.

11. OTHER BUSINESS A. 2015 Set-Aside for Agency Programs Mr. Hudson reported that staff is requesting the Board’s approval of a set aside from the Agency’s General Fund of $1,500,000 for the Homebuyer/Counseling Programs.

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