The 'AAA' long-term rating assigned to Colorado Housing&Finance Authority's (CHFA) class III multifamily project bonds, series 2006 A-3 reflects bond insurance provided by MBIA Insurance Corp. ('AAA'). The 'A-1+' short-term rating is based on an SBPA from the Depfa Bank plc. The 'A+' underlying rating (SPUR) on the series 2006 A-3 bonds reflects CHFA's GO pledge. The series 2006A bonds will be issued as one of four tranches established under CHFA's 2000 multifamily project bond master indenture. Class I and II bonds are supported by collateral consisting of multifamily loans, business loans, federally guaranteed loans, and cash and investments, while class III bonds are secured by CHFA's GO pledge. Variable-rate bond interest rate exposure is hedged through an
