Summary: Health Educational&Housing Facility Board of Memphis, Tennessee Global Ministries Fellowship; Section 8

Standard&Poor's Ratings Services lowered to 'CCC+ (sf)' from 'A- (sf)' and kept on CreditWatch with negative implications its rating on Memphis Health Educational and Housing Facility Board, Tenn.'s multifamily housing revenue bonds, series 2011A, issued on behalf of Global Ministries Fellowship (GMF) for the Warren/Tulane Section 8 affordable housing project (Warren/Tulane project). The rating was placed on CreditWatch with negative implications on Feb. 2, 2016. (For more information, see the article published on Feb. 2, 2016, on RatingsDirect.) GMF is a Tennessee-based nonprofit corporation that specializes in the development and preservation of affordable housing. On Feb. 8, 2016, GMF confirmed that, on Feb. 3, 2016, it had received a "Notice of Abatement" from the Department of Housing&

...Standard & Poor's Ratings Services lowered to '###+ (sf)' from 'A- (sf)' and kept on CreditWatch with negative implications its rating on Memphis Health Educational and Housing Facility Board, Tenn.'s multifamily housing revenue bonds, series 2011A, issued on behalf of Global Ministries Fellowship (GMF) for the Warren/Tulane Section 8 affordable housing project (Warren/Tulane project). The rating was placed on CreditWatch with negative implications on Feb. 2, 2016. (For more information, see the article published on Feb. 2, 2016, on RatingsDirect.) GMF is a Tennessee-based nonprofit corporation that specializes in the development and preservation of affordable housing. On Feb. 8, 2016, GMF confirmed that, on Feb. 3, 2016, it had received a "Notice of Abatement" from the Department of Housing & Urban Development (HUD) indicating that HUD was abating its Section 8 Housing Assistance Payment (HAP) contract for the Warren/Tulane project, due to a default under the HAP contract by GMF. Since...

Summary