Ranking Motion: Moody’s assigns Aa1 to MN Housing’s Rental Housing Bonds 2022 Collection C; outlook stableGlobal Credit score Analysis – 01 Sep 2022New York, September 01, 2022 — Moody’s Traders Service has assigned a Aa1 ranking to Minnesota Housing Finance Company’s (Minnesota Housing or MHFA) proposed $10.5 million Rental Housing Bonds, 2022 Collection C (Non-AMT). We additionally preserve the Aa1 rankings on $49.four million of excellent Rental Housing Bonds (RHB or Program) parity debt. The outlook is secure.RATINGS RATIONALEThe Aa1 ranking project relies on the overall obligation (GO) pledge of Minnesota Housing Finance Company (Aa1/Secure), additional enhanced by the traditionally robust monetary profile and efficiency of the Program. The persistently strong monetary operations underlying the GO pledge is evidenced by a five-year common profitability of roughly 19% and an asset-to-debt ratio averaging 1.3x, indicating robust overcollateralization of company debt.RATING OUTLOOKThe secure outlook displays expectations of continued robust working efficiency and upkeep of ample steadiness sheet sources each inside the RHB indenture in addition to by way of the Minnesota Housing’s general common obligation pledge.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- Improve of Minnesota Housing’s issuer ratingFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Downgrade of Minnesota Housing’s issuer ratingLEGAL SECURITYThe 2022 Collection C bonds are common obligations of Minnesota Housing, and additional secured by a pledge of revenues and belongings underneath the RHB Decision which embody bond proceeds, mortgage loans, investments, revenues and different belongings.USE OF PROCEEDSProceeds of the 2022 Collection C bonds will fund a short-term first-lien bridge mortgage for acquisition, development and equipping of a multifamily housing improvement to be referred to as The Lumin at Highland Bridge, a 60-unit residential constructing positioned in Saint Paul, MN. The bridge mortgage is anticipated to be repaid from tax credit score fairness and one long-term finish mortgage from MN Housing. The bridge mortgage won’t be credit score enhanced.PROFILEMinnesota Housing is an company of the state of Minnesota, created in 1971 and approved to challenge bonds to additional inexpensive housing within the state. The Company has no taxing energy. The Rental Housing Bonds decision was established in 1988 to finance multifamily rental developments that can additional promote inexpensive housing within the state.METHODOLOGYThe principal methodology used on this ranking was US Housing Finance Company Issuer Rankings Methodology printed in October 2019 and accessible at https://rankings.moodys.com/api/rmc-documents/62559. Alternatively, please see the Ranking Methodologies web page on https://rankings.moodys.com for a replica of this technique.REGULATORY DISCLOSURESFor additional specification of Moody’s key ranking assumptions and sensitivity evaluation, see the sections Methodology Assumptions and Sensitivity to Assumptions within the disclosure type. Moody’s Ranking Symbols and Definitions will be discovered on https://rankings.moodys.com/rating-definitions.For rankings issued on a program, sequence, class/class of debt or safety this announcement gives sure regulatory disclosures in relation to every ranking of a subsequently issued bond or notice of the identical sequence, class/class of debt, safety or pursuant to a program for which the rankings are derived completely from present rankings in accordance with Moody’s ranking practices. 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For additional data please see the issuer/deal web page for the respective issuer on https://rankings.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated ranking outlook or ranking evaluation.Moody’s common ideas for assessing environmental, social and governance (ESG) dangers in our credit score evaluation will be discovered at https://rankings.moodys.com/paperwork/PBC_1288235.Please see https://rankings.moodys.com for any updates on modifications to the lead ranking analyst and to the Moody’s authorized entity that has issued the ranking.Please see the issuer/deal web page on https://rankings.moodys.com for extra regulatory disclosures for every credit standing. Jeffrey Kaufmann Lead Analyst Housing Moody’s Traders Service, Inc. 7 World Commerce Middle 250 Greenwich Road New York 10007 JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Eva Bogaty Extra Contact PF Healthcare JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 Releasing Workplace: Moody’s Traders Service, Inc. 250 Greenwich Road New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Shopper Service: 1 212 553 1653 © 2022 Moody’s Company, Moody’s Traders Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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