Standard&Poor's Ratings Services affirmed its 'B+' rating on Nevada Housing Division's (Whittell Pointe Apartments) series 2003A multi-unit housing revenue bonds. The outlook is stable. The rating is based on our view of the project's reliance on short-term, market-rate investments. The bonds are secured by a Fannie Mae collateral agreement. The rating reflects our view of: Revenues from mortgage debt service payments and investment earnings that are insufficient to pay full and timely debt service on the bonds until mandatory tender on April 1, 2025; Debt service coverage that is no longer commensurate with an investment-grade rating as of the remarketing date; An asset-to-liability parity that is projected to fall below 1.0x from April 1, 2024 onward; and The
