The ratings on Illinois Development Finance Authority's bonds reflect the extremely strong credit quality of the assets, consisting of a Ginnie Mae pass-through permanent loan certificate and 'AAA' rated investments, and cash flow sufficiency. The bonds will be securitized by a Ginnie Mae permanent loan certificate, which guarantees timely payment of principal and interest on the mortgage. The security is backed by the full faith and credit of the U.S. government and therefore qualifies as 'AAA' eligible under Standard and Poor's rating criteria. Bond proceeds will be used to provide permanent financing for the renovation of a 166-unit, 14-building multifamily residential project, Neighborhood Commons Cooperative in Chicago, Ill. Cash flow runs lagged to reflect the delayed receipt of security payments
