OREANDA-NEWS. In 2014, state housing finance agency (SHFA) assets decreased by 8.1 percent, while total debt fell by 11.4 percent, when compared to the prior year, according to a Fitch Ratings report.

'Fiscal 2014 contained the same challenges for SHFAs as the past several fiscal years. 2014 marks the fourth straight year of across-the-board declines, reflective of the lower levels of new bond issuance and program loan originations. Fiscal 2010 remains the only year total assets and total debt increased since the housing crisis in 2008, and the increase was primarily a result of the implementation of the U.S. Treasury's New Issue Bond Program,' said Ryan Pami, Analyst.

The median net interest spread ratio saw an increase in fiscal 2014 compared with the previous year. The median net interest spread increased to 33.7 percent in fiscal 2014 from 27.9 percent in fiscal 2013 which marks the fifth straight year of increases.

Leverage ratios continued to improve as the median adjusted debt-to-equity ratio declined to 3.1x in fiscal 2014 from 3.6x in fiscal 2013. This is significantly lower than the five-year average median of 4.5x and is the lowest in the past decade.

Median net income increased significantly to \$12.1 million in fiscal 2014 from negative \$1.9 million in fiscal 2013. Fiscal 2013 net income results were likely skewed by the significant decreases in the fair market values of investments.