Moody's has confirmed the Aaa rating on the following 45 housing finance agency multifamily transactions and removed them from Watchlist, following a review of each transaction's ability to maintain cash flow sufficiency assuming a 0% reinvestment rate. This action affects approximately $222,954,000 in outstanding debt. All of these transactions are secured by a mortgage that is guaranteed by credit enhancement from either GNMA, Fannie Mae, Freddie Mac or FHA. None of these issues have a Guaranteed Investment Contract (GICs) that assures a fixed rate of return on invested cash, and therefore all are subject to interest rate risk on retained revenues. As a result, revenue from the monthly mortgage receipts, interest earned on those receipts from money market funds or other short-term investments and monthly mortgage payments need to be sufficient to support debt service on the bonds. Moody's analyzed each transaction's projected mortgage revenue, assuming no reinvestment earnings on the monthly mortgage receipts and determined that there would be sufficient coverage of debt service consistent with a Aaa rating. For further information on Moody's approach to the significance of interest rate risk to ratings on housing transactions, see Moody's Rating Methodology Update, "Change in Interest Rate Assumptions for Housing Transactions Which Rely on Investment Earnings Prompted by Unprecedented Low Interest Rates," dated November, 2009.
1. ABAG Finance Authority for Nonprofit Corporations, Multifamily Housing Revenue Refunding Bonds (Sundale Arms Apartments Project), 1999 Series A: Last rating action was on July 1, 2005
2. ABAG Finance Authority for Nonprofit Corporations, Multifamily Housing Revenue Refunding Bonds (Mission Terracina Apartments Project) Series 1999A: Last rating action was on June 16, 2006
3. ABAG Finance Authority for Nonprofit Corporations, CA, Multifamily Housing Revenue Bonds (Park Manor Apartments Project) Series 2001A and 2001A-T: Last rating action was on January 20, 2006
4. Bexar County Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Stablewood Farms Apartments) Series 2001: Last rating action was on February 4, 2004
5. California Statewide Communities Development Authorities, Multifamily Housing Revenue Bonds (GNMA Collateralized - Lincoln Apartments Project) Series 2001: Last rating action was on November 8, 2004
6. Cameron County Housing Finance Corporation, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Rockwell Manor Apartments Project) Series 2007: Last rating action was on February 5, 2007
7. City of Chicago, IL, Multifamily Housing Revenue Bonds (FHA Insured/GNMA - Sankofa House Project) Series 2007A: Last rating action was on May 2, 2007
8. City of Chicago, IL, Multifamily Housing Revenue Bonds (Roosevelt Towers Phase I Project) Series 2004A: Last rating action was on March 23, 2004
9. Dakota County Community Development Agency, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized - Rose Apartments) Series 2001: Last rating action was on August 8, 2005
10. Dallas Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (Mountain Creek Apartments) Series 2005: Last rating action was on June 17, 2005
11. District of Columbia Housing Finance Agency, Multifamily Housing Revenue Refunding Bonds (Garfield Hills Apartments) Series 2006: Last rating action was on May 4, 2006
12. City of Eagan, MN, Multi-Family Housing Revenue Refunding Bonds (Crossroads of Eagan Project - FHA Insured), Series 2000A & B: Last rating action was on May 2, 2005
13. Village of East Rochester Housing Authority, NY, Revenue Refunding Bonds (GNMA Security- Genesee Valley Presbyterian Nursing Center Project), Series 2001: Last rating action was on August 22, 2005
14. Erie County Industrial Development Agency, NY, Multifamily Housing Revenue Bonds (Sutton Place Apartments) Series 2003: Last rating action was on June 8, 2006
15. Fontana Redevelopment Agency, Mortgage Revenue Refunding Bonds (GNMA Collateralized - Village Drive Apartments Project) Series 2002A: Last rating action was on July 1, 2005
16. County of Frankilin, OH, Multifamily Housing Mortgage Revenue Bonds GNMA Collateralized Carriage House Apartments Series 2002: Last rating action was on May 4, 2005
17. County of Franklin, OH, Mortgage Revenue Refunding Bonds (GNMA Collateralized Gateway Apt. Homes Project) Series 1998E: Last rating action was on December 31, 2003
18. City of Fredericksburg, VA, Industrial Development Agency, Multifamily Housing Revenue Bonds (GNMA Mortgage-Backed Securities Program - Heritage Park I Apartments Project) Series 2003A: Last rating action was on October 6, 2006
19. City of Golden Valley, MN, Senior Living Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Calvary Center Apts. Proj) Series 2006A: Last rating action was on November 7, 2006
20. The Housing Authority of The City of Jackson, MS, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized -- Forest Park Apartments) Series 2002: Last rating action was on July 1, 2005
21. County of Jefferson, CO, Housing Authority Multi-Family Housing Revenue Bonds (Glendale Apts) Series 2000: Last rating action was on September 9, 2004
22. County of Montgomery, OH, Multifamily Housing Revenue Bonds (Bella Vista Homes Project) Series 2003A: Last rating action was on June 16, 2006
23. Houston Housing Finance Corporation, TX, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - North Forest Trails Apartments) Series 2003: Last rating action was on September 22, 2006
24. City of Indianapolis, IN, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized - Turtle Creek North Apartments Project) Series 2004A: Last rating action was on November 12, 2004
25. Kansas Development Financing Authority, Multifamily Housing Revenue (GNMA Collateralized - Lom Vista) Series 1999O: Last rating action was on April 6, 2005
26. City of Lebanon, IN, Multifamily Housing Mortgage Revenue Bonds (GNMA Collateralized-Lebanon Manor Village Apartments) Series 2002A: Last rating action was on February 3, 2006
27. Louisiana Public Facilities Authority Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - North Park Apartments Project) Series 2005: Last rating action was on April 1, 2008
28. Maricopa County Industrial Development Agency, AZ, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Rosa Linda Apartments Project) Series 2007: Last rating action was on June 29, 2007
29. City of Minneapolis, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized - Bottineau Lofts) Series 2002: Last rating action was on January 6, 2006
30. City of Minneapolis, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Sumner Field Phase II) Series 2003A: Last rating action was on July 28, 2006
31. City of Minneapolis, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan Vantage Flats Project) Series 2007A: Last rating action was on October 24, 2007
32. Mount Vernon Industrial Development Agency, NY, GNMA Collateralized Multi-Family Housing Mortgage Revenue Bonds (Ebony Gardens Project) Series 2004: Last rating action was on January 3, 2006
33. Ohio Capital Corporation for Housing, Mortgage Revenue Refunding Bonds (GNMA Collateralized - Chadwick Place Apartments and Plaza Apartments Projects) Series 2003A & B: Last rating action was on March 3, 2006
34. The City of Palm Springs, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Sunrise Village Mobile home Park Project) Series 2004A and Taxable Series 2004B: Last rating action was on November 5, 2004
35. Providence Housing Authority, RI, Collateralized Mortgage Revenue Bonds (New Canonchet Cliffs Apartments Project) Series 2007A: Last rating action was on August 14, 2007
36. Housing Authority of the County of Sacramento, Multifamily Housing Revenue Refunding Bonds (Clover Ridge, Antelope Ranch and Summerwood Apartments Projects) Series 1999F: Last rating action was on July 1, 2005
37. San Bernardino County Housing Authority, CA, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Santiago Orangewood Estate Mobile home Park) Series 2003A: Last rating action was on March 3, 2006
38. San Bernardino County Housing Authority, CA, Multifamily Mortgage Revenue Bonds (GNMA Collateralized - Pacific Palms Mobile home Park Project) Series 2001A: Last rating action was on July 1, 2005
39. Saint Paul Housing & Redevelopment Authority, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized - Selby-Grotto Limited Partnership) Series 2003: Last rating action was on July 28, 2006
40. St. Paul Housing & Redevelopment Authority, MN, Multifamily (GNMA Collateralized - Riverview Highland Project) Series 2002: Last rating action was on September 16, 2005
41. Housing & Redevelopment Authority of the City of St. Paul and Minneapolis, MN, Multifamily Housing Revenue Bonds Series 2006A (GNMA Collateralized Mortgage Loan - Torre de San Miguel Homes, Westminster Place & Vista Village Projects): Last rating action was on December 12, 2006
42. Housing and Redevelopment Authority of the City of St. Paul, MN, Multifamily Housing Revenue Bonds (GNMA Collateralized Mortgage Loan - Lyons Court Project) Series 2004: Last rating action was on April 8, 2004
43. City of Shelbyville, IN, Multifamily Housing Mortgage Revenue (GNMA Collateralized Blueridge Terrace Apartments Project) dated 12/1/00: Last rating action was on July 1, 2005
44. City of Tucson, AZ, Industrial Development Agency, Senior Living Revenue Bonds (GNMA Coll. Mortgage Loan-Casa De Encanto Apartments Project) Series 2007: Last rating action was on June 29, 2007
45. Village of Waynesville, OH, Health Care Facilities Revenue Bonds (GNMA Collateralized - Quaker Heights Project) Series 2001A: Last rating action was on February 28, 2006
