The ratings affirmations on Tennessee Housing Development Agency's homeownership program bonds reflect: Very strong credit quality of the single-family loan portfolio, Substantial financial strength of the bond resolution, Very strong adequacy of reserves for liquidity, Sufficient loss coverage in the form of excess assets, and High quality of investments. The homeownership program bond resolution was begun in 1985. All bonds in the resolution are on parity. The ratings on the resolution bonds are affirmed and new ratings are assigned to issues 2001-3A and 2001-3B. Proceeds of the issue will be used to replacement refund existing agency debt, and will be used to make new single-family loans. Cash flows were prepared on a stand-alone basis for this issue, reflecting a small
