S&P Global Ratings affirmed its 'AA+' rating on Massachusetts Housing Finance Agency's (MassHousing) series 2014B taxable-rental development pass-through revenue bonds (Federal Housing Administration [FHA] risk sharing). The outlook is stable. MassHousing's series 2014B rental-development pass-through revenue bonds are special obligations of MassHousing, payable solely from the revenue, assets, and money pledged under the general resolution on a parity basis with other obligations outstanding under the resolution. The series 2014B bonds are separately secured from any other obligations issued by MassHousing. Officials used bond proceeds to purchase first-lien; multifamily; fixed-rate mortgage loans, secured by a lien on the respective borrower's fee-simple estate in a multifamily property. FHA insures these loans under the risk-share program, which provides the payment of 100% of
