Standard&Poor's Ratings Services assigned its 'A-' rating to Louisiana Community Development Authority's (Global Ministries Fellowship [GMF] – Bellemont Apartments project) series 2015A and taxable series 2015A-T multifamily housing revenue bonds, issued for GMF-Bellemont LLC. The rating reflects our opinion of these strengths: A first mortgage lien and pledge of all project revenues from the Bellemont Apartments, an affordable multifamily housing complex located in Metairie, La.; Our projected debt service coverage (DSC) of 1.37x maximum annual debt service (MADS) on the 2015A and 2015A-T bonds; A debt service reserve fund (DSRF) sized at 12 months' MADS; Permitted investments and insurance with providers rated at levels commensurate with the rating on the bonds; and Very strong sponsorship and management of
