The 'A+' rating on the Colorado Housing and Finance Authority's (CHFA) class III multifamily housing bonds is based upon a general obligation (GO) pledge by CHFA, which carries a 'A+' issuer credit rating (ICR) with a positive outlook. The 2002B bonds will be issued in two of four tranches established under CHFA's 2000 Multifamily Project Bond master indenture. The 2002B issuance will have a debt service reserve fund (DSRF) in the amount of 12 months' principal and interest on the 20 loans associated with the issue. The DSRF will cover debt service payments for one year in case of mortgage loan default. The 2002B bonds are on parity with prior bonds issued under the master indenture, but no cross-calling is