S&P Global Ratings long-term rating on New York City Housing Development Corp.'s (NYCHDC, or the corporation) multifamily housing pass-through revenue bonds 2014 series A (2014A) is 'AA+'. The outlook is stable. The 2014A bonds are payable solely from and secured by a pledge of the 2014A trust estate as outlined in transaction documents. While the 2014A issuance is a stand-alone, pass-through transaction it will receive support from the open resolution, if needed, to make full and timely debt service payment on the obligations. If there are any excess revenues after debt service and fees are paid, semi-annually on April 15 and Oct. 15, the corporation can direct the trustee to transfer the excess revenues to the revenue account of the
