S&P Global Ratings has maintained its CreditWatch for ratings on 24 affordable multifamily housing bonds issued on behalf of affiliates of Global Ministries Fellowship (GMF), a Tennessee-based nonprofit corporation that specializes in the development and preservation of affordable housing, where they were placed with negative implications on Aug. 9, 2016. We placed the ratings on CreditWatch due to the uncertainty about the results of the U.S. Department of Housing and Urban Development's (HUD) investigation into the organization's management of the Section 8 program that it participates in, and that affects 15 of the 24 bond issues supported by Section 8 subsidized affordable multifamily rental housing projects (see table 1 for list of issues). We have received notification from GMF that
