S&P: Los Angeles Housing Authority 2009A Mortgage Revenue Bond Rating Outlook Revised To Positive On Stronger Finances

S&P Global Ratings revised its outlook to positive and affirmed its 'A-' rating on the Los Angeles Housing Authority's (HACLA) series 2009A mortgage revenue bonds, issued for the Bella Vista Apartments acquisition project.

"The rating is based on our opinion of the project's improved financial performance and very strong demand for housing units," said S&P Global Ratings credit analyst Ki-Beom Park. Other factors include its:Strong asset and property management that continues to improve the apartments and maximize resources, andDebt service reserve fund sized at 12 months' maximum annual debt service (MADS).HACLA consist of 471 affordable-housing units and the following four properties: Union Towers, Bella Vista, Clemson Corbett, and Laveta Terrace. The four properties are geographically dispersed throughout different neighborhoods in Los Angeles. Bella Vista and Laveta Terrace are market-rate complexes. Union Towers is a Section 8 property housing elderly tenants. Clemson Corbett is a mixed-income community with some Section 8-subsidy units. The properties are in the Sun Valley, Westlake, Inglewood, and Hollywood/Silverlake sections of Los Angeles.

"The positive outlook reflects our view of the properties' improved financial performance, stabilized occupancy, and our expectation of HACLA's operating cost controls," added Mr. Park. The project owner and asset managers are both experienced managers of affordable housing, in our view, which lends further stability to the transaction.
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