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Summary: Louisiana Hsg Fin Agy, LA; Revenue - Housing, Single Family Whole Loan Nov 96
Standard & Poors, November 1996
The upgrade on Louisiana Housing Finance Agency's bonds, issued for Preservation Homes Apartment project-Felicity Harmony Limited Partnership, reflects: - A fully funded debt service reserve fund invested according to a guaranteed investment contract with Crown Life Insurance Company (`A-'); - The strong credit quality of the mortgage note on the underlying project insured by FHA under section 221(d)(4); - Full and timely payment of debt service on the bonds and the underlying mortgage note; and - An asset-to-liability position of 102.52%. Total liabilities as of Nov. 4, 1996 were $1.26 million serial and term bonds with a weighted average coupon of 7.963%. The bonds are secured by a $1.1 million 8.375% mortgage note; $118,000 debt service reserve fund; $16,736 bond...
Companies mentioned in this report are: Louisiana Hsg Fin Agy
Action: New Rating
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Louisiana Hsg Fin Agy