The ratings on Louisiana Public Facilities Authority's bonds reflect: Adequate debt service coverage of 1.39x on the senior bonds and 1.31x on the junior bonds, which has dropped due to renovations to the property; An attractive, well maintained housing project located in east New Orleans; and Fully funded debt service reserve and repair/replacement reserve funds; Loan to value of 80%; and A first mortgage lien on the property. The project, Georgetown Manor, is a 353-unit, multifamily apartment complex located in eastern New Orleans. Georgetown Manor was acquired by the Multi-Family Mission Ministries Georgetown Project Inc. in 1994. Multi-Family Mission Ministries Georgetown Project Inc. is a wholly owned, single-asset corporation of the Multi-Family Mission Ministries. Multi-Family Mission Ministries is a not-for-profit
