During the fiscal year 1973 the cumulative production of the Agency passed the mark of 20,000 housing units. These were financed by loans totalling more than $440,000,000. Construction loans of $40.632.067 were converted to long-term mortgage loans for 16 completed developments, a total of 2.285 residential units. The long-term loans were funded by a bond issue in April at a net interest cost of 5.685%, down from a rate of 5.915% a year earlier.

Thirty-six new loans totalling $158,718.221 were closed, enabling the construction of 6,661 units. An additional $170.114.573 of the Agency's bonding capacity was committed to finance 40 new developments with residential units numbering 6,713. Also during the fiscal year 93 new proposals for housing developments were submitted by private developers.

After all of the Agency's committed loans have closed, MHFA production will amount to about 27,000 housing units corresponding to approximately $600.000.000 in mortgage loans. The accompanying map and charts show the distribution of these units in 59 cities and towns with 62% in the heavily developed urban centers, 27% in the suburbs of these centers, and the remaining 11% in towns outside the large metropolitan areas. A variety of subsidy programs are combined to make possible the distribution of these units to three income groups. 33% to low income people. 46% to moderate income people, and 21% to middle income people who need no subsidy beyond that which is provided through the below-market interest rate of an MHFA loan.