S&P Global Ratings assigned its 'A+' rating to EP La Privada PFC, Texas' approximately $25.4 million series 2025 residential development revenue bonds (HOME Essential Function Housing Program [La Privada Project]), issued on behalf of the El Paso Housing Authority (EP HOME). At the same time, we affirmed our 'A+' issuer credit rating (ICR) on EP HOME and our 'A+' rating on the authority's outstanding bonds. The outlook is stable. EP La Privada PFC is a nonprofit public facility corporation organized under applicable Texas state law that was created for issuing bonds to finance certain affordable housing projects of EP HOME. The series 2025 residential development revenue bond proceeds will be used to finance the acquisition of and capital improvements to