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Certain U.S. Rental Housing Bonds Ratings Placed Under Criteria Observation Following Criteria Revision

(Editor's Note: This release is being republished to provide a link to a spreadsheet listing all of the affected CUSIPs. Please see below)

FARMERS BRANCH (S&P Global Ratings) April 15, 2020--S&P Global Ratings today added its under criteria observation (UCO) identifier to certain U.S rental housing bond transactions. These ratings have the "UCO" label in the Regulatory Identifier column on the individual transaction pages of S&P Global Ratings online credit rating products. The UCO identifier indicates a rating that could be affected by a published change in criteria (see "Standard & Poor's Announces "Under Criteria Observation" Identifier For Ratings Potentially Affected By Criteria Changes," published May 7, 2013).

On April 15, 2020, we published our "Methodology For Rating U.S. Public Finance Rental Housing Bonds." The criteria became effective immediately upon publication.

The UCO identifier will remain in place until the conclusion of the review under the changed criteria for all of the affected ratings, at which time the ratings may be affirmed, changed, or placed on CreditWatch. The UCO identifier does not modify any rating definition, nor is it equivalent to a CreditWatch placement. S&P Global Ratings expects to review the ratings identified as UCO within six months of the criteria's effective date.

Entities With Ratings Placed Under Criteria Observation

4-K Housing, Inc., TX Affordable Housing Stoney Brook Acquisition

4-K Housing, Inc., TX Affordable Housing Stoney Brook Acquisition 2nd Lien
4-K Housing, Inc., TX Affordable Housing Stoney Brook Acquisition 3rd Lien

Aberdeen Proving Ground Fam Hsg, LLC, MD Military Housing

Affordable Hsg America, GA Affordable Housing Magnolia Terrace Apts

Agape Beauvoir Manor Inc, TX Section 8 Affordable Housing Beauvoir Manor Apts

AMC East Comntys LLC, DE Military Housing MacDill AFB & Andrews AFB

AMC East Comntys LLC, DE Military Housing MacDill AFB & Andrews AFB 2nd Lien

American Agape Foundn, Inc., TX Section 8 Affordable Housing

American Agape Foundn, Inc., TX Section 8 Affordable Housing 2nd Lien

Assisted Living Foundation of America, CA Section 8 Affordable Housing Central Alabama Portfolio Proj

Assisted Living Foundation of America, CA Section 8 Affordable Housing Kings Daughters Court
Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts
Assisted Living Foundation of America, CA Section 8 Affordable Housing Parkway Villa Apts 2nd Lien

Atlantic Hsg Fndn Inc., TX Affordable Housing 2nd Lien

Balfour Beatty Communities, PA Military Housing AMC West

Banyan Foundation, Inc (The), NC Section 8 Affordable Housing Citrus Grove and East Winds Apts

Bethesda Foundation, CO Affordable Housing Bethesda Projects

Bethesda Foundation, CO Affordable Housing Bethesda Projects 2nd Lien

California Housing Finance Agency CA Affordable Housing Securitization Series 2019-2

California Municipal Finance Authority, CA Affordable Housing Windsor Mobile Country Club

California Statewide Communities Dev Auth, CA Section 8 Affordable Housing Casa Grande Apts

California Statewide Communities Dev Auth, CA Section 8 Affordable Housing Inglewood Gardens Apts

Canton II, Inc, TX Affordable Housing The Inn At Patios Proj

Canton II, Inc, TX Affordable Housing The inn At Patios Proj 2nd Lien

Capmark Military Hsg Tr XXXIV, DE Military Housing Soaring Heights Communities

Caritas Acquisitions I, LLC, CA Affordable Housing Caritas MHP Proj

Carver Gardens, LLC, FL Section 8 Affordable Housing

CHC Trestletree LLC, GA Section 8 Affordable Housing Steele Properties, LLC

Chisom Hsg Grp, WA Section 8 Affordable Housing CHG Hsg Pool Proj

Christian Care Mesa II, Inc, AZ Affordable Housing 2014A Christian Care Mesa II

Christian Care Retirement Apartments, Inc., AZ Affordable Housing 2016 Proj

Corvias Military Living, LLC, RI Military Housing Fort Sill

Covenant Communities, Inc, WI Affordable Housing Covenant Communities Inc Proj 2nd Lien

Covenant Communities, Inc, WI Affordable Housing Covenant Communties Inc Proj

Creative Choice Homes VII, LTD, FL Section 8 Affordable Housing Coral Gardens

Dogwood Hsg, Inc., MD Section 8 Affordable Housing Southeast Portfolio Proj

Dogwood Hsg, Inc., MD Section 8 Affordable Housing Southeast Portfolio Proj 2nd Lien

Emerald Coast Hsg II Inc., FL Affordable Housing Captains Quarters Proj

Fort Benning Family Comntys, LLC, GA Military Housing

Fort Benning Family Comntys, LLC, GA Military Housing 2nd Lien
Fort Benning Family Comntys, LLC, GA Military Housing 3rd Lien

Fort Huachuca-YPG Arizona comntys LLC, AZ Military Housing

Fort Irwin Land, LLC, CA Military Housing Fort Irwin/Moffet/Parks

Fort Irwin Land, LLC, CA Military Housing Fort Irwin/Moffet/Parks 2nd Lien
Fort Irwin Land, LLC, CA Military Housing Fort Irwin/Moffet/Parks 3rd Lien

GMAC Commercial Military Hsg Tr XXI, TX Military Housing Fort Bliss/White Sands Missile Range

GMH Military Housing - Navy Northeast LLC, PA Military Housing 2nd Lien

Great Lakes Senior Communities IL Affordable Housing Great Lakes Senior Living Communities First Tier

Great Lakes Senior Communities IL Affordable Housing Great Lakes Senior Living Communities SecondTier
Great Lakes Senior Communities IL Affordable Housing Great Lakes Senior Living Communities Third Tier

H-Bay Ministries, Inc., TX Affordable Housing Superior Residences Proj

H-Bay Ministries, Inc., TX Affordable Housing Superior Residences Proj 2nd Lien

Housing Preservation, Inc., TN Section 8 Affordable Housing Hellenic Tower senior Apts

IAVF Timber Oaks LLC, IL Affordable Housing Prairie View & Timber Oaks Apts
IAVF Timber Oaks LLC, IL Affordable Housing Prairie View & Timber Oaks Apts 2nd Lien

Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture

Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 2nd Lien
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 3rd Lien
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 4th Lien
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 5th Lien
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 6th Lien
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 7th Lien
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 2nd Lien
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 3rd Lien
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 4th Lien
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 5th Lien
Impact Funding LLC, CA Affordable Housing 2014-1 Pass Through Indenture 6th Lien

Independent Cities Fin Auth, CA Affordable Housing Rancho Vallecitos Mobile Estates

Intercontinental Affordable Hsg, Inc, CA Section 8 Affordable Housing Casa Griffin Apts

Knox Hills LLC, KY Military Housing Fort Knox

Knox Hills LLC, KY Military Housing Fort Knox 2nd Lien

Leading Life Senior Living, Inc., TX Autumn Leaves Proj Affordable Housing 2nd Lien

Leading Life Senior Living, Inc., TX Autumn Leaves Proj Affordable Housing Autumn Leaves Proj

Leonard Wood Fam Comntys, LLC, MO Military Housing

Leonard Wood Fam Comntys, LLC, MO Military Housing 2nd Lien
Leonard Wood Fam Comntys, LLC, MO Military Housing 3rd Lien

Midwest Fam Hsg, LLC, IL Military Housing

Midwest Fam Hsg, LLC, IL Military Housing 2nd Lien
Midwest Fam Hsg, LLC, IL Military Housing 3rd Lien
Midwest Fam Hsg, LLC, IL Military Housing 4th Lien

Minnesota Attainable Hsg Corp, MN Section 8 Affordable Housing Crossroads Square And Camelot Apts

Minnesota Attainable Hsg Corp, MN Section 8 Affordable Housing Crossroads Square And Camelot Apts 2nd Lien

Minnesota Senior Living, LLC, MN Affordable Housing Senior Living Proj

Minnesota Senior Living, LLC, MN Affordable Housing Senior Living Proj 2nd Lien
Minnesota Senior Living, LLC, MN Affordable Housing Senior Living Proj 3rd Lien

Monterey Cnty Hsg Auth, CA Affordable Housing 1999A Parkside/Casanova

Monterey Cnty Hsg Auth, CA Affordable Housing 1999A Parkside/Casanova 2nd Lien

National Finance Authority 1st Lien Series 2020-1

North Augusta Afford Hsg LLC & Pickens Afford Hsg LLC, SC Section 8 Affordable Housing North Augusta Gardens & Pickens Gardens Apts

North Pointe Affordable Housing LLC, SC Section 8 Affordable Housing North Pointe Estates

Orange Cnty Hsg Fin Auth, FL Affordable Housing 1995A HANDS Pool

Orange Cnty Hsg Fin Auth, FL Affordable Housing 1998C Green Gables

PF Holdings, LLC, NJ Section 8 Affordable Housing Brinton Manor Apts and Brinton Towers Proj

Pima Cnty Indl Dev Auth, AZ Affordable Housing 2017 Christian Care Tucson

Public Fin Auth, WI Section 8 Affordable Housing RHA Hsg Proj

Quality Senior Housing Foundation of East Texas Inc., TX. Affordable Housing - Longview, Athens and WInnsboro Communities

Quality Senior Housing Foundation of East Texas Inc., TX. Affordable Housing - Longview, Athens and WInnsboro Communities
Quality Senior Housing Foundation of East Texas Inc., TX. Affordable Housing - Longview, Athens and WInnsboro Communities
Quality Senior Housing Foundation, Inc., GA Affordable Housing Sanders Glen Proj

RHA Affordable Hsg II, Inc., GA Section 8 Affordable Housing Winston Summit & Columbia Meadows Apts

Southeast Affordable Preservation, Inc., CA Section 8 Affordable Housing Utah Portfolio Proj

Trinity Affordable Hsg Corp, IL Affordable Housing Dorchester Place Apts

Tulsa Pythian Manor, Inc., GA Section 8 Affordable Housing Pythian Manor Apts

Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts

Univ Plaza Associates, PA Section 8 Affordable Housing University Square Apts 2nd Lien

Vacaville Redev Agy, CA Affordable Housing 2000A Vacaville Comnty Hsg

VB Wilikina LP, HI Section 8 Affordable Housing Wilikina Apts

West Point Housing LLC, NY Military Housing

An Excel workbook with a list of CUSIPS can be downloaded here: https://www.standardandpoors.com/pt_LA/web/guest/article/-/view/sourceId/100043544

This report does not constitute a rating action.

S&P Global Ratings, part of S&P Global Inc. (NYSE: SPGI), is the world's leading provider of independent credit risk research. We publish more than a million credit ratings on debt issued by sovereign, municipal, corporate and financial sector entities. With over 1,400 credit analysts in 26 countries, and more than 150 years' experience of assessing credit risk, we offer a unique combination of global coverage and local insight. Our research and opinions about relative credit risk provide market participants with information that helps to support the growth of transparent, liquid debt markets worldwide.

Primary Credit Analyst:James M Breeding, New York + 1 (214) 871 1407;
james.breeding@spglobal.com
Secondary Contact:Joan H Monaghan, Centennial + 1 (303) 721 4401;
Joan.Monaghan@spglobal.com

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