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

S&P Global Ratings assigned its 'AAA' long-term rating to the Minnesota Housing Finance Agency's (MHFA, or the agency) $4.625 million rental housing bonds (RHB) 2024 series C-1 and $5.1952 million 2024 series C-2. 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, on a parity basis with all other obligations outstanding, secure the bonds. The bonds are also general obligations of the agency, payable from any available money, assets, or revenue. The agency's reserves (the general reserve and the alternative loan fund) are legally available if necessary to pay debt service on any obligation, including the 2024 series C bonds.

...Legal framework No cap Program management and operational risk No cap Cash flow analysis Overcollateralization ### Stressed cash flows ### Hedging risk Not applicable HFA general obligation pledge ##+ Anchor Anchor ### 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 ###...

Summary