This report does not constitute a rating action. S&P Global Ratings' rating on the Massachusetts Housing Finance Agency 's (MassHousing) series 2014B taxable rental development pass-through revenue bonds (Federal Housing Administration [FHA] risk-sharing) is 'AA+'. 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 the original $45 million in 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.
