The affirmed ratings on Colorado Housing Finance Authority's (CHFA) multifamily housing insured mortgage revenue bonds, series 1995A through 2002AA, reflect: 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 2005A multifamily project bond issue of approximately $38.4 million will be used to refund 1995 series A, B, and C bonds with a 2% call premium. In addition, four loans with a
