...S&P Global Ratings assigned its '##+' rating to the Tennessee Housing Development Agency's (THDA) proposed $150 million issue 2022-2 (non-AMT) social bonds issued under THDA's 2013 general residential finance program bond resolution (the 2013 general resolution). S&P Global Ratings also affirmed its '##+' rating on THDA's existing debt, issued under the 2013 general resolution. The outlook is stable. Officials intend to use issue 2022-2 bond proceeds to purchase first-lien, 30-year, fully amortizing, single-family program loans for single-family, owner-occupied housing, and to pay cost of issuance. If required, a portion of the proceeds will be used to make a deposit to the bond reserve fund and to pay capitalized interest. The bonds are a special limited obligation paid solely from the revenues and assets of THDA, which include revenues on program loans; non-mortgage receipts; all fund and accounts created by the 2013 general resolution (including the bond reserve fund); and all right,...
