Houston Housing Authority High Rating from Standard & Poor’s

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By Anuradha Kher, Online News EditorHouston–Standard and Poor’s credit rating organization has assigned an “AA-” rating to the Houston Housing Authority. AA is the highest a housing authority has ever received from S&P.According to S&P, “the Houston Housing Authority effectively balances maintaining a level of financial stability with achieving its overall public purpose goals.”“The S&P […]

By Anuradha Kher, Online News EditorHouston–Standard and Poor’s credit rating organization has assigned an “AA-” rating to the Houston Housing Authority. AA is the highest a housing authority has ever received from S&P.According to S&P, “the Houston Housing Authority effectively balances maintaining a level of financial stability with achieving its overall public purpose goals.”“The S&P ‘AA- rating’ will enable us to attract investors, financial institutions and development partners during these difficult economic times as we seek to expand our portfolio of affordable housing here in Houston,” says Ernie Etuk, president and CEO of the Houston Housing Authority. “Being highly rated increases the Housing Authority’s financial and operational stature locally and nationally, and puts us in the best possible position to attract new business partners and obtain financing for new affordable housing developments and innovative housing initiatives.”Additionally, the S&P report indicates, “with resources such as bond proceeds, direct Fannie Mae loan proceeds, municipal contributions and its own capital investment, the Houston Housing Authority has successfully completed major redevelopment of about 12 new communities.”“Even in the midst of a federal funding shortfall,” says Etuk, “we have been able to provide more than 60,000 people with a variety of housing options.” Those options include more than 5,600 units of affordable housing owned by the Housing Authority and its affiliates and more than 15,500 vouchers for families to pay their rent to private landlords.”

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