Tarrant County Housing Finance Corporation Multifamily Tax-Exempt Mortgage-backed Bons (M-TEBS) (Gardens of Haltom City Apartments) Series 2022, $25MM — Moody’s assigns Aaa to Tarrant County Housing Finance Corporation Multifamily Tax-Exempt Mortgage-Backed Bonds (M-TEBS) (Gardens of Haltom City Apartments) Series 2022

Rating Action: Moody’s assigns Aaa to Tarrant County Housing Finance Corporation Multifamily Tax-Exempt Mortgage-Backed Bonds (M-TEBS) (Gardens of Haltom City Apartments) Series 2022Global Credit Research – 05 Jan 2022New York, January 05, 2022 — Moody’s Investors Service (Moody’s) has assigned a Aaa rating to the proposed $25 million Tarrant County Housing Finance Corporation Multifamily Tax-Exempt Mortgage-Backed Bonds (M-TEBS) (Gardens of Haltom City Apartments) Series 2022.RATINGS RATIONALEThe Aaa rating of this forward MTEB transaction is based on the high credit quality of the Federal National Mortgage Association (Fannie Mae, Aaa stable) mortgage-backed security (MBS) and strong legal structure where principal and interest are passed through to bondholders monthly. Fannie Mae is providing a forward commitment to guarantee the permanent financing by issuing the MBS after the construction phase is complete. Cash flow projections demonstrate that total trustee-held monies in the Revenue Fund, Bond Proceeds Fund and Collateral Fund, including investment earnings thereon, will be sufficient for full and timely debt service payments through and including the MBS delivery deadline (expected February 2025) and through final bond maturity upon conversion. Prior to the acquisition of the MBS, bond proceeds will be invested in US Treasuries and other Eligible Investments.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING** Not applicableFACTORS THAT COULD LEAD TO A…