PubFinCriteria_2006_part1_final1.qxp
■A presentation by developer/owner on how prop- erty asset management including debt compliance is to be handled. Unaccompanied ...
posed by the proposed construction. This analy- sis may include Standard & Poor’s using a con- sulting engineer to determine ...
ment grade ratings due to the essentiality of feder- ally subsidized housing. Termination risk is more of an issue that needs to ...
virtually nonexistent, but still a factor. Even though the IRP revenue stream is not subject to appropria- tion risk, expected r ...
with the Section 236 program, its asset manage- ment procedures, and to discuss its understand- ing of its responsibilities unde ...
investment grade should be in place. This amount, coupled with the DSRF, should be sufficient to cover debt service during any p ...
including HUD sanctions due to performance, prior liens which may be placed on the funding, or flow of funds problems at the PHA ...
the PHA’s senior staff members, including the mod- ernization and construction team. Debt Service Coverage Although there is a l ...
To minimize the effect of this legal directive, HUD agrees in its approval documents to permit PHAs to use unobligated funds fro ...
to pay the Capital Fund monies, (3) amounts pledged to the payment of debt service shall not be available for any other purpose, ...
H ousing finance agencies (HFAs) have built up a considerable level of expertise in real estate finance, development, and portfo ...
those whose portfolios are stable or declining. The ability of an HFA to issue debt at a low enough rate to support affordable l ...
Standard & Poor’s adjusts an agency’s unrestricted assets based on the level of reserves needed to sup- port GO debt and sur ...
In many instances, much of the initial funding for the agencies may have been provided by the state or locality, and key members ...
294 Standard & Poor’s Public Finance Criteria 2007 T he dramatic growth and acceptance of the use of bond insurance has been ...
http://www.standardandpoors.com 295 net losses will occur in a normal operating environ- ment. This expectation is based on the ...
the insurer to be seasoned enough to become signif- icantly reliant on the sometimes extremely fickle public markets for access ...
ing; the durability of that rating; the ceding compa- ny’s (beneficiary’s) rating, which defines the level of certainty of perfo ...
Committed capital facilities will receive 100% credit, provided that asset credit quality and mar- ket value risks have been eli ...
http://www.standardandpoors.com 299 reinsurance as described above is not counted as soft capital. Concentrations of soft capita ...
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