Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Pennsylvania Housing Finance Agency's (Cumberland Gardens - Phase I project) multifamily housing development notes series 2011S, reflecting investments in U.S. government treasuries that mature as needed in amounts sufficient to pay debt service. At closing, note proceeds will be deposited into the project fund and invested in U.S. government treasuries that mature as needed to fund project costs. A gross-funded capitalized interest fund will also be deposited into the project fund at closing, from agency funds. An escrow fund pledged to note holders also provides security to the notes. Prior to any disbursements from the project fund, the trustee must first confirm receipt of available moneys in an amount
