The 'A/A-1' rating on Washington State Housing Finance Commission's variable-rate demand multifamily housing revenue bonds, issued for Mallard Lake Apartments, reflects the credit and liquidity enhancement of the bonds through a direct pay credit facility provided by PNC Bank, NA during the construction phase, to be replaced by a Fannie Mae direct pay credit facility upon conversion to permanent phase. The bonds are being issued to finance a portion of the costs of the acquisition, rehabilitation, and equipping of Mallard Lakes Apartments, located in King County, which are to be occupied in part by persons and families of low income. During the construction period, the bonds will be secured by an irrevocable direct pay LOC provided by PNC Bank, NA
