...February 16, 2024 SAN FRANCISCO (S&P Global Ratings) Feb. 16, 2024--S&P Global Ratings assigned its '##+' long-term rating to the Virginia Housing Development Authority's (Virginia Housing) $177.1 million series 2024A non-AMT rental housing bonds. At the same time, we affirmed our '##+' long-term rating on Virginia Housing's rental housing bond (RHB) resolution. The outlook is stable. The series 2024A bond proceeds will be used to finance six mortgage loans for six multifamily low-income housing tax credit developments in Richmond, Fairfax County, and Henrico, Va. "The rating reflects our view of such factors as the program's overcollateralization and cash flows capable of withstanding S&P Global Ratings-projected loss assumptions, sufficient liquidity to cover short-term disruptions in asset cash flows, and market position characteristics stronger than those of the national housing market," said S&P Global Ratings credit analyst Aulii Limtiaco. The stable outlook reflects our view of Virginia...
