S&P Global Ratings long-term rating on New York City Housing Development Corp.'s (NYCHDC, or the corporation) multi-family housing pass-through revenue bonds 2017 series A (2017A) is 'AA+'. The outlook is stable. The 2017A bonds are payable solely from and secured by a pledge of the 2017A trust estate and certain amounts held under the corporation's open resolution as outlined in transaction documents. The 2017 series A bonds were issued as a walled-off supplemental resolution to the corporation's open resolution. If there are any excess revenues after all debt service and fees are paid, semi-annually on April 1st and Oct. 1st, the corporation can direct the trustee to transfer the excess revenues to the revenue account of the open resolution. As
