Summary: California Statewide Comntys Dev Auth; Revenue - Housing, Multifamily FNMA Mar 98

Standard & Poors, March 1998

Abstract
The rating on California Statewide Communities Development Authority's bonds reflects: * FNMA credit enhancement of the mortgage backing the bonds through a collateral agreement and MBS guarantee; * 'AAA' rated investments; and * Cash flows evidencing the full and timely payment of debt service and program fees. Bond proceeds will be used to fund a $7.4 million mortgage loan to be made by the issuer to MVM L.P. for acquisition and rehabilitation of a 200-unit seniors' housing project in Sylmar, Calif. The mortgage is initially covered by the collateral agreement. Under the collateral agreement, FNMA pledges to cover missed mortgage payments and any shortfalls following an involuntary mortgage prepayment or acceleration of bond maturities. FNMA's collateral agreement payment obligation extends...

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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