Virginia Housing Development Authority Series 2025C Non-AMT Tax-Exempt Rental Housing Bonds Rated 'AA+'

S&P Global Ratings assigned its 'AA+' long-term rating to the Virginia Housing Development Authority 's (Virginia Housing) $37.13 million 2025C non-AMT tax-exempt rental housing bonds. At the same time, we affirmed our 'AA+' long-term rating on Virginia Housing's rental housing bond (RHB) resolution. The outlook is stable. ENGLEWOOD (S&P Global Ratings) June 26, 2025--S&P Global Ratings today took the ratings actions listed above. In our opinion, the program exhibits opportunities related to social capital given its purpose to invest in affordable housing for the commonwealth's low-to-moderate-income residents through development and preservation of rental housing that aims to address socioeconomic inequities affecting demographic and income trends considered in our market position assessment. We view physical risks as somewhat elevated for the

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