S&P Finds a 'Good Story' in Florida's Affordable Housing Guarantee Fund

Sigo, Shelly
February 2005
Bond Buyer;2/10/2005, Vol. 351 Issue 32068, p28
Trade Publication
The article reports that Florida's affordable housing market weathered the economic downturn and now is benefiting from record-breaking real estate sales, leading Standard & Poor's Corp. to upgrade ratings on numerous bond-financed residential developments across the state. In December 2004, the rating agency upgraded the Florida Affordable Housing Guarantee Fund to A-plus from A. Analysts cited its liquid reserves of $344 million available to pay insurance claims, its strong state financial support through documentary stamp tax receipts, and a first lien on properties that have mortgage insurance through the fund.


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