Ranking Motion: Moody’s assigns Aaa to MN Housing’s Homeownership Finance Bonds, 2022 Sequence A; outlook stableGlobal Credit score Analysis – 22 Aug 2022New York, August 22, 2022 — Moody’s Traders Service has assigned a Aaa ranking to the proposed $50 million Minnesota Housing Finance Company’s (“Minnesota Housing” or the “Company”) Homeownership Finance Bonds, 2022 Sequence A (Taxable) (Mortgage-Backed Securities Go-By means of Program) (the “2022 Bonds”). The Aaa ranking on the excellent Homeownership Finance Bonds has additionally been maintained. The outlook is steady.RATINGS RATIONALEThe Aaa ranking assigned to the 2022 Bonds displays the high-quality MBS collateral (GNMA, Fannie Mae, Freddie Mac and Uniform Mortgage-Backed Securities), the sustained power and stability of each this system’s and Company’s monetary operations that has averaged 22% and 19% working margins, respectively, over the past 5 years, in addition to prudent oversight by the succesful and lively administration workforce.RATING OUTLOOKThe steady outlook is predicated on the ranking outlooks assigned to the US authorities and Fannie Mae.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- N/AFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Substantial erosion of program asset-to-debt ratio and revenue margins- Downgrade of the US authorities’s ranking or Fannie Mae’s ratingLEGAL SECURITYThe 2022 Bonds are issued underneath the Homeownership Finance Bond Decision (the “Decision”) adopted December 11, 2009 and the 2021/2022 Sequence Decision adopted April 22, 2021.The 2022 Bonds shall be common obligations of Minnesota Housing (Aa1 with a steady outlook) and are additional secured by all revenues and belongings pledged underneath the Decision which can consist primarily of bond proceeds, program obligations, funding obligations and revenues. Whereas the Decision gives for a Mortgage Reserve Fund, as long as proceeds of the bonds are solely used to amass MBS and no mortgage loans are financed, there shall be no required deposit into Mortgage Reserve Fund.USE OF PROCEEDSThe proceeds of the 2022 Bonds shall be used to buy MBS backed by swimming pools of qualifying mortgages financing the acquisition of inexpensive single-family residences within the State of Minnesota. The Company expects to totally disburse all proceeds to amass MBS upon supply of the 2022 Bonds.PROFILEThe Homeownership Finance Bonds decision was established in 2009 and has been a major program for the Company to accommodate bond-financed mortgages. Bonds have been issued to finance Minnesota Housing’s single-family mortgage lending program for the aim of selling inexpensive housing for moderate-and-low earnings households within the state. Minnesota Housing is an company of the state of Minnesota, created in 1971 and approved to problem bonds to additional inexpensive housing within the state. The Company has no taxing energy. As of July 31, 2022, there have been roughly $1.1 billion of HFB bonds excellent.METHODOLOGYThe principal methodology used on this ranking was US Housing Finance Company Single-Household Housing Methodology printed in October 2019 and out there at https://scores.moodys.com/api/rmc-documents/62560. Alternatively, please see the Ranking Methodologies web page on https://scores.moodys.com for a duplicate 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://scores.moodys.com/rating-definitions.For scores 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 observe of the identical sequence, class/class of debt, safety or pursuant to a program for which the scores are derived solely from current scores in accordance with Moody’s ranking practices. For scores issued on a help supplier, this announcement gives sure regulatory disclosures in relation to the credit standing motion on the help supplier and in relation to every explicit credit standing motion for securities that derive their credit score scores from the help supplier’s credit standing. For provisional scores, this announcement gives sure regulatory disclosures in relation to the provisional ranking assigned, and in relation to a definitive ranking which may be assigned subsequent to the ultimate issuance of the debt, in every case the place the transaction construction and phrases haven’t modified previous to the task of the definitive ranking in a way that might have affected the ranking. For additional info please see the issuer/deal web page for the respective issuer on https://scores.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated ranking outlook or ranking overview.Moody’s common rules for assessing environmental, social and governance (ESG) dangers in our credit score evaluation will be discovered at https://scores.moodys.com/paperwork/PBC_1288235.Please see https://scores.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://scores.moodys.com for added 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 MANAGING DIRECTOR 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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