S&P Global Ratings' U.S. Public Finance Housing rating actions (including outlook revisions) for third-quarter 2024 consisted of 14 positive rating actions, four negative rating actions, and 60 affirmations.
Third-Quarter Rating Actions
We took positive rating actions on one capital fund financing program, one community development finance institution, one social housing provider, and 11 rental housing bond (RHB) credits, which consisted of 11 upgrades and three outlook changes (see table 1). Of the 11 RHB credits, four were upgrades and two were outlook revisions in the military housing subsector due to improved financial and operating performance as a result of receiving higher Basic Allowance for Housing (BAH) allocations, while three liens within a multitranche financing in the static pool subsector were upgraded following improvement in parity and coverage after prepayments reduced debt outstanding. The remaining two upgrades consisted of an RHB Section 8 development and an unenhanced multifamily development, each of which had improved operations after large rehabilitation projects were completed in 2020 and the renewal of the project's housing assistance payment (HAP) contract, which led to stronger occupancy levels and higher debt service coverage.
Other positive actions resulted from improved debt service coverage following the U.S. Congress' fiscal 2024 grant award for a capital fund financing program. A social housing provider was upgraded based on our view of the improvements made by the organization as described in their comprehensive corrective action plan after being designated as "troubled" by the Department of Housing and Urban Development (HUD). The remaining outlook revision was on a community development financial institution, given the strong likelihood that its capital adequacy will remain above-average compared with that of similarly rated peers over the next two years as it executes its growth strategy.
We took negative rating actions on one federally enhanced housing (FEH) credit, one social housing provider, and two RHB projects within the section 8 subsector, which consisted of one downgrade, two outlook revisions, and placement of one credit on CreditWatch with negative implications (see table 2). The FEH credit was placed on CreditWatch with negative implications due to a lack of timely information regarding current asset-to-liability parity. We revised the outlook on the social housing provider to negative from stable as a result of weakening key debt ratios for the five-year financial averages used in our analysis. An RHB section 8 project had weaker coverage in fiscal 2023 due to operating expenses outpacing small increases in income, which resulted in an outlook revision. Lastly, the section 8 project downgrade was primarily driven by significantly weaker coverage in fiscal 2023 due to increased vacancies and operating expenses.
During third-quarter 2024, affirmations constituted 61 out of 91 total rating actions, or about 67%, similar to second-quarter 2024 (68%). As of October 2024, about 89% of ratings carry stable outlooks, fewer than in the previous quarter (90%). During the third quarter, we rated 38 new sales and affirmed 60 ratings (see table 3), which was 14% lower than the 44 new sales we rated during the second quarter. (For more information on our specific housing subsectors, see recent commentaries in Related Research.)
We also rated 12 new issuers in third-quarter 2024 (see table 4):
- Eight under our "U.S. Federally Enhanced Housing Bonds Rating Methodology" criteria, published Nov. 12, 2019;
- Two under our "Methodology For Rating U.S. Public Finance Rental Housing Bonds" criteria, published April 15, 2020; and
- Two under our "Methodology And Assumptions: Assigning Ratings To Bonds In The U.S. Based On Escrowed Collateral" criteria, published Nov. 30, 2012.
Table 1
Positive rating actions, third-quarter 2024 | |||||||
---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Prior rating | Current rating | Prior outlook | Current outlook | Reason for rating |
Meridian Hsg Auth, MS HUD Capital Fund Financing | MS | Capital Fund Financing Program | A+ | AA- | Stable | Stable | Improved debt service coverage (DSC) following U.S. Congress' fiscal 2024 grant award and average managerial capacity in line with peers. |
NeighborWorks Capital, MD General Obligation ICR | MD | CDFI ICR | A+ | A+ | Stable | Positive | Likelihood that capital adequacy will remain above-average compared with peers over the next two years as it executes its growth strategy. |
Fort Moore Family Comntys, LLC, GA Military Housing 2nd Lien | GA | RHB - Military | A | A | Stable | Positive | Increase in BAH rates could lead to another year of increased net revenues in 2024, improving DSC in our coverage and liquidity analysis. |
Fort Moore Family Comntys, LLC, GA Military Housing 3rd Lien | GA | RHB - Military | BBB+ | BBB+ | Stable | Positive | Increase in BAH rates could lead to another year of increased net revenues in 2024, improving DSC in our coverage and liquidity analysis. |
Midwest Fam Hsg, LLC, IL Military Housing 3rd Lien | IL | RHB - Military | A+ | AA- | Positive | Stable | Improved DSC, driven by increases in BAH rates. |
Midwest Fam Hsg, LLC, IL Military Housing 4th Lien | IL | RHB - Military | A | A+ | Positive | Stable | Improved DSC, driven by increases in BAH rates. |
GMAC Commercial Military Hsg Tr XVI, WA Military Housing Fort Lewis/McChord AFB | WA | RHB - Military | AA- | AA | Stable | Stable | Improved DSC, driven by increases in BAH rates and stabilization in occupancy. |
Lewis-McChord Communities, LLC WA Fort Lewis/McChord AFB Housing - Interest Only | WA | RHB - Military | AA- | AA | Stable | Stable | Improved DSC, driven by increases in BAH rates and stabilization in occupancy. |
Impact Funding LLC, CA Affordable Housing Pool Class C 2010 Pass Through Indenture | CA | RHB - Multifamily Static Pool | A | AA- | Positive | Stable | Improved parity after prepayments reduced the amount of debt outstanding leading to improved coverage. |
Impact Funding LLC, CA Affordable Housing Pool Class D 2010 Pass Through Indenture | CA | RHB - Multifamily Static Pool | BBB+ | A | Stable | Stable | Improved parity after prepayments reduced the amount of debt outstanding leading to improved coverage. |
Impact Funding LLC, CA Affordable Housing Pool Class E 2010 Pass Through Indenture | CA | RHB - Multifamily Static Pool | BBB- | BBB+ | Stable | Stable | Improved parity after prepayments reduced the amount of debt outstanding leading to improved coverage. |
NV Homestead Apartments, Ltd., FL Section 8 Affordable Housing Coral Gardens | FL | RHB - Section 8 | B- | B+ | Positive | Positive | A material increase in DSC in 2023 due to an increase in rental revenue following a rehabilitation completed in 2020 and the 20-year renewal of the project's HAP renewal contract in 2021. |
Trinity Affordable Hsg Corp, IL Affordable Housing Estates at Eagles Pointe Proj | IL | RHB - Unenhanced | B+ | BB- | Stable | Positive | Improved DSC following increases in net operating income and stronger occupancy levels at the project. |
Fall River Hsg Auth, MA General Obligation ICR | MA | SHP ICR | BBB | BBB+ | Negative | Stable | Improvements undertaken by the authority per its comprehensive corrective action plan after being designated as 'troubled' by HUD, resulting in a 'standard' designation. |
Table 2
Negative rating actions, third-quarter 2024 | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Prior rating | Current rating | Prior outlook* | Current outlook* | CreditWatch | Reason for rating | ||||||||||
Assisted Living Foundation of America, CA Section 8 Affordable Housing Kings Daughters Court | CA | RHB - Section 8 | BBB | BBB | Stable | Negative | Project's weaker DSC in fiscal 2023 due to operating expenses outpacing small increases in income. | |||||||||||
Tulsa Pythian Manor, Inc., GA Section 8 Affordable Housing Pythian Manor Apts | GA | RHB - Section 8 | BBB- | BB+ | Stable | Negative | Significantly weaker DSC in fiscal 2023 due to increased vacancies and operating expenses, and our expectation that the three-year DSC average will remain below 1.25x within the next year. | |||||||||||
Vancouver Hsg Auth, WA General Obligation ICR | WA | SHP ICR | AA- | AA- | Stable | Negative | Weakening in the authority's key debt ratios for the five-year financial averages used in our analysis. | |||||||||||
Illinois Finance Auth, IL Single Family GNMA MBS 1998 Indenture |
IL | FEH - Multifamily Stand Alone | AA+ | AA+ | Stable | N.M. | Negative | Lack of information regarding current asset-to-liability parity. | ||||||||||
*When a credit is placed on CreditWatch, the outlook is Not Meaningful (N.M.). |
Table 3
Affirmations and new sales, third-quarter 2024 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Rating | Outlook | Type of review | |||||||
Century Hsg Corp, CA General Obligation ICR | CA | CDFI ICR | AA | Stable | New sale | |||||||
Arkansas Dev Fin Auth, AR Single Family Multi-Agency MBS 1995 Resolution | AR | MRBP | AA+ | Stable | New sale | |||||||
California Dept of Vet Affairs, CA Veterans General Obligation Bonds (CA St GO) | CA | MRBP | AA+ | Stable | New sale | |||||||
California Dept of Vet Affairs, CA Home Purchase Revenue Bonds | CA | MRBP | AA | Stable | New sale | |||||||
California Housing Finance Agency, CA Multi-Family Mortgage Revenue Bond Program | CA | MRBP | AA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III (GO) | CO | MRBP | AA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III (GO) | CO | MRBP | AA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class III (GO) | CO | MRBP | AA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II | CO | MRBP | AA+ | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II | CO | MRBP | AA+ | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Mortgage Bonds Class II | CO | MRBP | AA+ | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Whole Loan - Single Family Mortgage Bonds Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Whole Loan - Single Family Mortgage Bonds Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Single Family Whole Loan - Single Family Mortgage Bonds Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture | CO | MRBP | AAA | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture | CO | MRBP | AAA | Stable | Full review | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture 2nd Lien | CO | MRBP | AA+ | Stable | New sale | |||||||
Colorado Hsg & Fin Auth, CO Multi-Family Whole Loans - Multifamily Master Indenture 2nd Lien | CO | MRBP | AA+ | Stable | Full review | |||||||
Connecticut Hsg Fin Auth, CT General Bond Resolution | CT | MRBP | AAA | Stable | New sale | |||||||
Georgia Hsg and Fin Auth, GA Single Family Whole Loan - 1976 General Resolution | GA | MRBP | AAA | Stable | New sale | |||||||
Iowa Fin Auth, IA MBS 1991 SFMBS Resolution | IA | MRBP | AAA | Stable | New sale | |||||||
Maine St Hsg Auth, ME Mortgage Purchase Program Resolution | ME | MRBP | AA+ | Stable | New sale | |||||||
Massachusetts Hsg Fin Agy, MA Single-Family Mortgage Bonds | MA | MRBP | AA+ | Stable | New sale | |||||||
Massachusetts Hsg Fin Agy, MA Housing Bonds | MA | MRBP | AA+ | Stable | Event-driven review | |||||||
Michigan St Hsg Dev Auth, MI General Resolution | MI | MRBP | AA+ | Stable | New sale | |||||||
Michigan State Housing Development Authority, MI Rental Housing General Resolution | MI | MRBP | AA+ | Stable | New sale | |||||||
Minnesota Hsg Fin Agy, MN Rental Housing Bond Resolution | MN | MRBP | AAA | Stable | New sale | |||||||
Minnesota Housing Finance Agency, MN Single Family | MN | MRBP | AA+ | Stable | New sale | |||||||
Missouri Hsg Dev Comm, MO First Place Homeownership Loan Program | MO | MRBP | AA+ | Stable | New sale | |||||||
Montana Brd of Hsg MT, SF I Indenture | MT | MRBP | AA+ | Stable | New sale | |||||||
Nebraska Invest Fin Auth, NE SFHRB Resolution | NE | MRBP | AAA | Stable | New sale | |||||||
Nevada Hsg Div, NV Single Family Multi-Agency MBS 2008 MBS Resolution | NV | MRBP | AA+ | Stable | New sale | |||||||
North Carolina Hsg Fin Agy, NC Single Family MBS Whole Loan - 1998 Trust Agreement | NC | MRBP | AA+ | Stable | New sale | |||||||
Pennsylvania Hsg Fin Agy, PA Single Family Mortgage Revenue Bonds w GO | PA | MRBP | AA+ | Stable | New sale | |||||||
Rhode Island Housing & Mortgage Finance Corporation, RI Homeownership Opportunity Bond Resolution | RI | MRBP | AA+ | Stable | New sale | |||||||
South Dakota Hsg Dev Auth, SD Single Family Whole Loan - Homeownership Mortgage Bond Resolution (1977 Indenture) | SD | MRBP | AAA | Stable | New sale | |||||||
Virginia Hsg Dev Auth, VA Commonwealth Mortgage Bonds w GO | VA | MRBP | AAA | Stable | New sale | |||||||
Virginia Housing Development Authority VA Rental Housing Bonds w GO | VA | MRBP | AA+ | Stable | New sale | |||||||
West Virginia Hsg Dev Fd, WV Housing Finance Bond w GO | WV | MRBP | AAA | Stable | New sale | |||||||
Fort Moore Family Comntys, LLC, GA Military Housing | GA | RHB - Military | AA- | Stable | Full review | |||||||
Midwest Fam Hsg, LLC, IL Military Housing 2nd Lien | IL | RHB - Military | AA | Stable | Full review | |||||||
Midwest Fam Hsg, LLC, IL Military Housing | IL | RHB - Military | AA | Stable | Full review | |||||||
Augusta Homes Communities, LLC, CA Augusta Homes MHP Pool Series 2022 | CA | RHB - Mobile Home | A+ | Stable | Full review | |||||||
Caritas Affordable Hsg, Inc., CA Affordable Housing Caritas Afford Hsg Inc | CA | RHB - Mobile Home | A- | Stable | New sale | |||||||
Coach of San Diego LLC, CA Affordable Housing Pillar Ridge | CA | RHB - Mobile Home | A- | Stable | Full review | |||||||
Linc Hsg, CA Affordable Housing 2007 Franciscan MHP 2nd Lien | CA | RHB - Mobile Home | A- | Stable | Full review | |||||||
Linc Hsg, CA Affordable Housing 2007 Franciscan MHP | CA | RHB - Mobile Home | A+ | Stable | Full review | |||||||
Millennium Housing LLC, CA Affordable Housing Hacienda Valley Mobile Estates | CA | RHB - Mobile Home | A+ | Stable | Full review | |||||||
Millennium Housing LLC CA Union City Tropics | CA | RHB - Mobile Home | A+ | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 4th Lien | CA | RHB - Multifamily Static Pool | AA | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
Impact Funding LLC, CA Affordable Housing 2010 Pass Through Indenture 2nd Lien | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
Impact Funding LLC CA Pool 3rd LIEN Interest Only | CA | RHB - Multifamily Static Pool | AA | Stable | Full review | |||||||
Impact Funding LLC CA Pool 1st LIEN Interest Only | CA | RHB - Multifamily Static Pool | AA+ | Stable | Full review | |||||||
Glorieta Partners, Ltd., FL Section 8 Affordable Housing Gardens Apartment Proj | FL | RHB - Section 8 | CCC | Negative | Full review | |||||||
CHC Trestletree LLC, GA Section 8 Affordable Housing Steele Properties, LLC | GA | RHB - Section 8 | B- | Negative | Full review | |||||||
Housing Authority of the City of El Paso, TX General Obligation ICR | TX | SHP ICR | A+ | Stable | New sale | |||||||
Everett Housing Authority, WA General Obligation ICR | WA | SHP ICR | A+ | Stable | Full review | |||||||
North Carolina Housing Finance Agency, Weaver-PPM Portfolio* | NC | Escrow Collateral | AA+ | Stable | Full review | |||||||
Health, Educational and Housing Facility Board of the County of Knox, The Pines Apartments* | TN | Escrow Collateral | AA+ | Stable | Full review | |||||||
*These represent collateralized transactions typically without escrows that we rate under the escrowed collateral criteria |
Table 4
New issuers, third-quarter 2024 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Issue | State | Sector/criteria | Rating | Outlook | ||||||
Freddie Mac, VA Multiple Family Multi-Agency Series M | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac VA Multifamily FHLMC | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Arc70 Capital LLC, CA Affordable Housing Securitization Pool Arc70 Capital Series 2024-1 Class A Certificates | CA | RHB - Multifamily Static Pool | A | Stable | ||||||
Arc70 Capital LLC, CA Affordable Housing Securitization Pool Arc70 Capital Series 2024-1 Class B Certificates | CA | RHB - Multifamily Static Pool | BBB | Stable | ||||||
North Carolina Housing Finance Agency, Weaver-PPM Portfolio | NC | Escrow Collateral* | AA+ | Stable | ||||||
Kansas Development Finance Authority, Riverstone Sycamore Village, L.P. | KS | Escrow Collateral* | AA+ | Stable | ||||||
Freddie Mac VA Housing MFFHLMC 1st Lien Multifamily Mortgage Participation Certs W6117 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac VA Housing MFFHLMC 1st Lien Multifamily Mortgage Participation Certs W6118 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac VA Housing MFFHLMC 1st Lien Multifamily Mortgage Participation Certs W6119 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac VA Housing MFFHLMC 1st Lien Multifamily Mortgage Participation Certs W6120 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac VA Housing MFFHLMC 1st Lien Multifamily Mortgage Participation Certs W6121 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
Freddie Mac VA Housing MFFHLMC 1st Lien Multifamily Mortgage Participation Certs W6122 | VA | FEH - Freddie Mac Multifamily Pool | AA+ | Stable | ||||||
*These represent collateralized transactions typically without escrows that we rate under the escrowed collateral criteria. |
Analyses associated with positive rating actions
- Impact Funding LLC, California; Multifamily Whole Loan, Sept. 30, 2024
- Public Finance Authority, Wisconsin Trinity Affordable Housing Corp.; Affordable Housing, Sept. 12, 2024
- GMAC Commercial Military Housing Trust XVI, Washington Lewis-McChord Communities LLC; Military Housing, Sept. 10, 2024
- Fort Moore Family Communities LLC, Georgia; Military Housing, Sept. 9, 2024
- Fall River Housing Authority, Massachusetts; General Obligation, Aug. 27, 2024
- Midwest Family Housing LLC, Illinois; Military Housing, Aug. 14, 2024
- NV Homestead Apartments LP, Florida Capital Trust Agency; Section 8, Aug. 8, 2024
- NeighborWorks Capital Corp., Maryland; General Obligation, July 25, 2024
- Meridian Housing Authority, Mississippi; Capital Fund Financing Program, July 1, 2024
Analyses associated with negative rating actions
- Martinsburg, West Virginia Assisted Living Foundation of America, California; Section 8, Sept. 27, 2024
- Illinois Finance Authority Series 1998 Revenue Bond Rating Placed On CreditWatch Negative On Lack Of Information, Sept. 13, 2024
- Vancouver Housing Authority, Washington; General Obligation, Aug. 22, 2024
- Tulsa County Industrial Authority, Oklahoma Tulsa Pythian Manor Inc.; Section 8, Aug. 7, 2024
Related Research
- U.S. Mortgage Revenue Bond Program Medians: Solid Foundations Underpin Strong Credit Quality, Sept. 19, 2024
- The U.S. Rental Housing Sector Remains Largely Stable While Expense Pressures Loom, July 9, 2024
- Cyber Risk Insights: Hackers Are Knocking On The Door Of U.S. Affordable Housing Issuers, May 14, 2024
- U.S. Public Housing Authorities Capital Fund Ratings Remain Resilient Amid Higher Appropriations And No Planned Borrowing, March 14, 2024
- Military Rental Housing 2024 Outlook: Bond Sector Stable Amid Slow Recruitment and Higher Expenses, March 7, 2024
- U.S. Public Finance Housing Outlook 2024: A Stable Foundation Despite Emerging Risks And Slower Economic Growth, Jan. 24, 2024
- U.S. Social Housing Providers Have The Foundation to Insulate Against New Post-Pandemic Risks, Oct. 4, 2023
- U.S. Housing Finance Agencies 2022 Medians: Strong Metrics, Balance Sheets Reinforce Credit Quality, Sept. 19, 2023
- What U.S. CDFI Ratios’ Resilience Through Changing Economic Landscapes Means For Long-Term Credit Quality, Aug. 10, 2023
This report does not constitute a rating action.
Primary Credit Analyst: | Shirley Flores, New York (646) 831-2467; Shirley.Flores@spglobal.com |
Secondary Contacts: | Caroline E West, Chicago + 1 (312) 233 7047; caroline.west@spglobal.com |
Olivia Fellbaum, New York + 1 (212) 438 7428; olivia.fellbaum@spglobal.com |
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