Standard&Poor's Ratings Services raised its rating on Minneapolis (Olson Townhouses), Minn.'s Section 8 assisted multifamily housing revenue bonds series 1993 to 'A' from 'BBB'. The upgrade reflects strong debt service coverage of 1.31x maximum annual debt service (MADS). The project's strengths include: History of annual rental increases; Contract rent below fair market rents, enabling the property to continue to receive rental increases; High occupancy at the project, with 176 families on the waiting list; Debt service reserve fund funded at 12 months' MADS; and High Real Estate Assessment Center score of 98b. The stable outlook reflects the project's ability to perform at this rating level. The project has been receiving annual rental increases that led to a continued
