U.S. Public Finance Report Card: Demand Kept The Multifamily Affordable Housing Sector Stable In 2011 Mar 12
- Language: English
- Published: March 2012
- Region: United States
Standard & Poor's Ratings Services affirmed its 'A' long-term rating on Orange County Housing Finance Authority, Fla.'s multifamily housing revenue bonds series 1995A, issued on behalf of HANDS Inc. The outlook is stable. The affirmation reflects our view of the following strengths: Strong debt service coverage (DSC) of 1.91x maximum annual debt service (MADS), based on audited financial statements for the fiscal year ended Sept. 30,2010; Low loan-to-value ratio of 47.19%; Debt service reserve fund (DSRF) funded at 13 months' MADS; and Increased occupancy rates at the property. However, the above strengths are offset by our opinion of: Declining DSC over the past several years; Decline in net operating income due to increased expenses; and Deterioration of the expenses ratio...
Companies mentioned in this report are: Orange Cnty Hsg Fin Auth
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Orange Cnty Hsg Fin Auth