Summary: Minnesota Housing Finance Agency; General Obligation; Multifamily Whole Loan

S&P Global Ratings assigned its 'AAA' long-term rating to the $7.99 million Minnesota Housing Finance Agency (MHFA, or the agency) rental housing bonds (RHB), 2023 series D (non-AMT). At the same time, we affirmed our 'AAA' long-term rating on MHFA's rental housing bonds outstanding. The outlook is stable. Bond proceeds, mortgage loans, investments, revenue, and other assets held under the resolution, on a parity basis with all other obligations outstanding under the resolution, secure the bonds issued under the resolution. The bonds are also general obligations of the agency, payable out of any of its generally available money, assets, or revenue. The agency's reserves (the general reserve and the alternative loan fund) are legally available if needed to pay debt

...Legal framework No Cap Program management and operational risk No Cap Overcollateralization ### Cash flow analysis ### Hedging risk Not applicable HFA general obligation pledge ##+ Anchor Anchor rating ### Modifiers and holistic analysis Liquidity reserves No Modifier Market position No Modifier Holistic analysis No Modifier Stand-alone credit profile SACP ### Other applicable criteria ### Final Final rating ### N/A--Not applicable....

Summary