Orange County Finance Authority Bonds Receive Single 'A' Rating from S&P

The first series, 2001G, are $3.3 million multifamily housing revenue bonds. The second series, 2001H, are $1.1 million taxable multifamily housing revenue bonds. Standard & Poor's says the outlook on both series of bonds looks stable.

Both series of bonds involve Oak Glen Apartments. Oak Glen is an Orange County-based multifamily, affordable housing project. For Oak Glen, the single A rating reflects the guarantee of the Florida Housing Finance Corp., acting through the Florida Affordable Housing Guarantee fund, that mortgage payments will be made to the project owner, Oak Glen Housing Partners, Ltd., a limited partnership of Lennar Corp. and ENB Partners.

The Florida Affordable Housing Guarantee Fund is a $195 million cash fund with additional revenues from a lien on the Florida Documentary Stamp Tax. The fund itself has a single-'A' rating from S&P and $633 million of primarily mortgage guarantees from new affordable multifamily projects in Florida. According to S&P, the fund has yet to incur any losses on guarantees.