S&P Global Ratings assigned its 'AA+' rating to the Tennessee Housing Development Agency's (THDA) proposed approximately $184 million issue 2022-3 (non-alternative minimum tax [AMT]) social bonds issued under THDA's 2013 general residential finance program bond resolution (the 2013 general resolution). At the same time, we affirmed our 'AA+' long-term rating on all other existing bonds issued under the 2013 general resolution. The outlook is stable. 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, title, and interest of THDA in and to the program loans. Officials intend
