Summary: California Statewide Comntys Dev Auth; Revenue - Housing, Multifamily FNMA Apr 99

Standard & Poors, April 1999

Abstract
The rating on California Statewide Communities Development Authority's bonds is based on: A Fannie Mae collateral agreement provided at closing that will secure the bonds until the conversion date; ýCredit enhancement through a Fannie Mae mortgage-backed security (MBS) guarantee; 'AAA' rated investments; and Cash flows demonstrating full and timely payment of debt service and program fees throughout the life of the bonds. At closing, bond proceeds will be used to fund a $4.96 million mortgage loan to finance the acquisition, construction, and equipping of a multifamily rental housing project located in Vacaville, Calif. The apartment project will be occupied by persons of low income. Under the collateral agreement credit enhancement structure, Fannie Mae pledges to cover missed mortgage payments and...

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

Action: New Rating

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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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