PubFinCriteria_2006_part1_final1.qxp

To avoid this structural risk, liquidity events such as mandatory or optional tenders should be sched- uled to precede the termi ...

includes principal; premium, if any; and interest accrued through the last day of the month in which the prepayment is made. Gin ...

bonds. As a condition of bond closing, cash flows should be verified by an independent third party. The third party can be a nat ...

■Exterior—includes the exterior of the building, parking lots, landscaping, and sidewalks; ■Interior—includes lobbies, reception ...

Standard & Poor’s reviews each item and may adjust them to account for inconsistency with com- parable properties, to reflec ...

■Management reporting and control procedures to determine ability to recognize and correct poten- tial problems quickly; ■Past p ...

Qualified insurersFor investment grade ratings, the rating of the insurance providers typically have a rating by Standard & ...

trustee a right to cure the borrower’s default under the ground lease. This gives the trustee the ability to prevent a terminati ...

Mobile Home Parks Standard & Poor’s Ratings Services views mobile home parks (MHPs) as a subset of bond ratings on unenhance ...

least 24-foot doublewide units) on mobile home spaces. The ability of the park to accommodate this trend will contribute to its ...

Housing 270 Standard & Poor’s Public Finance Criteria 2007 P ooling of affordable multifamily housing assets gives issuers t ...

rate at the property or the prevailing vacancy rate in the market. The assumed vacancy rate will always be a minimum of 5% but i ...

whether the project has a good chance to be extended and, if so, will analyze using rents which are the lesser of rents affordab ...

an influence on loss severity is the extent of amorti- zation. In the case of interest only loans, it makes no difference whatev ...

For pools with construction loans: ■Cash flows should be run in accordance with the “Cash Flow Considerations” and “Capitalized ...

on subordinate multifamily pool tranches, in which case the rating on that tranche would be the credit rating of the rated HFA. ...

non-tax exempt issuers using some other form of pass through legal structure. Construction risk in conduit pools is more variabl ...

■A real estate analysis including real estate quality, location, market demand, construction issues, net cash flow and real esta ...

keep a certain number of units on-line during the initial development period. Military tenants are typi- cally moved out of old ...

impact on the rated securities. In certain situations where the ownership structure of a military housing project is weak, Stand ...