The 'AAA' rating on Cuyahoga County, Ohio's housing mortgage revenue bonds (Eastside Neighborhood Homes) series 2002 has been affirmed. The rating reflects the project fund invested with 'AAA' rated Bayerishe Landesbank, which expires on Nov. 1, 2005, and an escrow account funded with HOPE VI and HUD Capital Fund Program grant monies (HUD monies). The escrow fund pledged to the bondholders provides security to the bonds. HUD monies received by the Cuyahoga Metropolitan Housing Authority will be deposited into the escrow fund, also held in an investment agreement provided by Bayerische Landesbank at the same rate as the project fund investment. Disbursements from the project fund will be made to finance the acquisition, construction, and equipping of scattered site rental
