Standard&Poor's Ratings Services affirmed its 'BBB-' rating on Impact C.I.L. Parent LLC, Calif.'s series 2003-1 revolving notes. With the proceeds of the original financing, Impact CIL Parent made an equity investment in Impact C.I.L. LLC, a wholly owned subordinate entity. With these funds and an unrated warehouse loan from Pacific Life Insurance Co., Impact CIL acquired from Bank of America, pursuant to a master mortgage loan purchase program agreement, a number of mortgage loans originated by Bank of America for affordable multifamily projects under construction and lease up. Impact CIL also acquired loans from other sources. Most of the mortgage loans are secured by projects that have been allocated federal 9% low-income housing tax credits. The project mortgage
