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1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment

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Page 1: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 2: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 3: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 4: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 5: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 6: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 7: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 8: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 9: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 10: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 11: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 12: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 13: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 14: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 15: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 16: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 17: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 18: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 19: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 20: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 21: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 22: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 23: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 24: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment
Page 25: 1990 Annual Report - PHFA HOMEPAGE · in 1990, the Agency's direct cash subsidy since 1987 to its multifamily financing programs reached $48 million. Active but prudent investment

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