Summary: California Statewide Communities Development Authority; Section 8 Jul 11

Standard & Poors, July 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A-' long-term rating to California Statewide Communities Development Authority's multifamily housing revenue bonds series 2011 I-1, issued on behalf of Intercontinental Affordable Housing Inc. (IAHI) for the Casa Grande Apartments project. The outlook is stable. The rating reflects our view of the following strengths: A first mortgage lien and a pledge of all project revenues from the property to the bondholders; A pledge of revenue to the bondholders from a Department of Housing and Urban Development (HUD) Section 8 Housing Assistance Payment (HAP) contract through the term of the current contract, which expires Dec. 1, 2013, and the pledge to bondholders of anticipated renewal contracts with HUD under the Multifamily Assisted Housing and...

Companies mentioned in this report are:
- California Statewide Communities Dev Auth

Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- California Statewide Communities Dev Auth

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