IMPACT CIL Parent LLC, California; Multifamily Whole Loan

S&P Global Ratings affirmed its 'A-' long-term rating on IMPACT CIL Parent LLC (IMPACT CILP), Calif.'s revolving notes, series 2003-1. The outlook is stable. A pool of multifamily affordable housing loans and certificates evidencing participation in or securitization of affordable multifamily loans the series 2003-1 notes. The rating is based on our analysis of the credit quality of the notes, which evidence a loan issued to the borrower, IMPACT CILP, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. IMPACT CILP uses proceeds from the RML to finance the purchase of permanent loans for affordable multifamily housing properties. Total collateral pledged to repayment on the notes, as of June 30, 2023, consisted of the following:

...A pool of multifamily affordable housing loans and certificates evidencing participation in or securitization of affordable multifamily loans the series 2003-1 notes. The rating is based on our analysis of the credit quality of the notes, which evidence a loan issued to the borrower, IMPACT CILP, by a consortium of insurance companies pursuant to a revolving member loan (RML) agreement. IMPACT CILP uses proceeds from the RML to finance the purchase of permanent loans for affordable multifamily housing properties. Total collateral pledged to repayment on the notes, as of June 30, 2023, consisted of the following: + A pool of 66 multifamily mortgage loans with an approximate $185 million balance, accounting for 69% of the total RML balance. All loans in the pool are fixed-rate, either amortizing or amortizing balloon loans. In addition, all the loans are permanent on stabilized multifamily properties. + Certificates in an approximate principal amount of $48.1 million (18%), held as investments...

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