Washington, D.C., May 10, 2023 (GLOBE NEWSWIRE) -- The District of Columbia Housing Finance Agency’s (DCHFA) credit rating was upgraded by Standard & Poor’s (S&P) on April 21, 2023 from A+ to AA-. As DCHFA continuously strives to increase the supply of affordable housing in the District of Columbia, this upgrade shows the Agency is showing consistent financial results year over year.
“As the District’s population continues to grow and local market-rate housing costs climb, it’s a pivotal time for DCHFA to receive a rating upgrade, as a main financier of affordable housing,” stated Christopher E. Donald, Executive Director/CEO, DCHFA. “DCHFA has worked diligently over the last several years to improve our financial situation by earning stable net income and building the strength of our balance sheet, which has enabled this ratings upgrade. The implications of this rating upgrade are a direct link to our mission of financing affordable housing units in the District of Columbia. The overall economics of the Agency’s transactions improves with higher ratings which is good for the developer, the renter and the District of Columbia as it enables more units to be financed.”
S&P gave four main reasons for the upgrade, including:
S&P’s outlook for the Agency states, “We believe DCHFA's strategic initiatives have and will continue to lead to stabilized financial ratios and will position the Agency well to maintain its credit quality even during a downturn. Therefore, we do not expect to change the rating within the two-year outlook period.”
_The District of Columbia Housing Finance Agency is an S&P AA- rated issuer, serving Washington, D.C.’s residents for more than 40 years. __The Agency’s mission is to advance the District of Columbia’s housing priorities; the Agency invests in affordable housing and neighborhood development, which provides __pathways for D.C. residents to transform their lives. We accomplish our mission by delivering the most efficient __and effective sources of capital available in the market to finance rental housing and to create homeownership _opportunities. The Agency operates from a core set of values: Leadership*Excellence*Community Focus*Integrity*Collaboration *Innovation