The affirmed 'AA+' underlying rating (SPUR) on Colorado Housing Finance Authority's (CHFA) multifamily housing insured mortgage revenue bonds, series 1996A through 2002AA, reflects: The strength of the FHA-insured and FHA risk-share mortgage loans under the parity resolution, as evidenced by the strong performance of the consolidated cash flows; Consolidated cash flows demonstrating sufficient revenues to cover all debt service payments and expenses; Sufficient reserve levels to cover credit and liquidity shortfalls; High credit quality of investments; and Strong oversight of the resolution by CHFA. Bond proceeds from the upcoming series 2006A multifamily project bond issue of approximately $25 million will be used to refund series 1996A, B, and C bonds with a 2% call premium. In addition, eight loans with
