Summary: HP Communities LLC, Delaware; Military Housing

S&P Global Ratings' ratings on HP Communities LLC, Del.'s military housing bonds are 'AA (sf)' for the 2008A series, 'AA- (sf)' for the 2008B series, and 'A+ (sf)' for the 2008C series. The outlook is stable. The project's leasehold mortgage, paid through monthly tenant basic allowance for housing (BAH) collections, secures the bonds. The 2008C series bonds are subordinate to the 2008B series bonds, which are in turn subordinate to the 2008A series bonds. HP Communities LLC, a single-purpose entity whose members include an affiliate of the Hunt companies, issued the series 2008A, 2008B, and 2008C bonds to finance the acquisition, rehabilitation, and development of four military housing developments located at four air force bases: Hancom AFB, Moody AFB, Little

...The project's leasehold mortgage, paid through monthly tenant basic allowance for housing (BAH) collections, secures the bonds. The 2008C series bonds are subordinate to the 2008B series bonds, which are in turn subordinate to the 2008A series bonds. HP Communities LLC, a single-purpose entity whose members include an affiliate of the Hunt companies, issued the series 2008A, 2008B, and 2008C bonds to finance the acquisition, rehabilitation, and development of four military housing developments located at four air force bases: Hancom AFB, Moody AFB, Little Rock AFB, and Patrick AFB. Collectively, the development is known as the "Falcon Group." Unit tenants pay rent based on the Department of Defense's (DoD) BAH in their respective locations, in accordance with the tenants' respective pay grades. The project has a total of 2,625 units online and available for occupancy....

Summary