Harrisonburg Redevelopment & Housing Auth, VA -- Moody's Places 4 Stand-Alone Multifamily Housing Bonds with Mortgage Enhancements Under Review for Downgrade

New York, November 12, 2012 -- Moody's has placed the following ratings of stand-alone multifamily housing bonds with mortgage enhancements under review for possible downgrade.

1) Harrisonburg Redevelopment & Housing Auth, VA Taxable Multi-Family Housing Revenue Bonds (Huntington Village Apartments Project) 2001B; rated Aaa, under review for downgrade; approximately $1,720,000 of debt outstanding.

2) Yonkers Industrial Development Agency, NY Multi-Family Housing Revenue Bonds (Herriot Street Housing, L.P.Project) 2004; rated Ba1, under review for downgrade; approximately $13,190,000 of debt outstanding.

3) Ohio Housing Finance Agency, Multi-Family Housing Revenue Bonds (Sharon Green Townhomes) 2005G; rated Ba1, under review for downgrade; approximately $5,535,000 of debt outstanding.

The principal methodology used for the above referenced ratings was Fixed Rate Multifamily Housing Bonds Secured by Fannie Mae's Stand-By Credit Enhancement Instrument, published November 2006. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

4) St. Paul Housing & Redevelopment Auth., MN Multi-Family (GNMA Collateralized - Riverview Highland Project) 2002; rated Ba1, under review for downgrade; approximately $3,710,000 of debt outstanding.

The principal methodology used for the above referenced rating was GNMA Collateralized Multifamily Housing Bonds, published July 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

RATINGS RATIONALE

Cash flow projections assuming 0% reinvestment rates demonstrate that the asset-to-debt ratio is currently, or forecasted to fall, below 100%. Over the next several weeks, we will assess the credit implications of the cash flow projections and align the ratings appropriately. This review could result in multi-notch downgrades to the ratings of the bonds.

DETAILED CREDIT DISCUSSION

The bonds are secured by a mortgage that is guaranteed by either Ginnie Mae or Fannie Mae's Stand-by Credit Enhancement Instrument. Monthly mortgage receipts are not reinvested in a guaranteed investment contract (GIC) that assures a fixed rate of return, subjecting the transaction to interest rate risk on retained revenues. As a result, revenue from the monthly mortgage receipts, interest earned on those receipts from money market funds or other short-term investments and monthly mortgage payments need to be sufficient to support debt service on the bonds. Additionally, at all times the ratio of the value of the assets held by the trustee, consisting of the amortized value of the credit-enhanced mortgage and funds pledged to bondholders, to the bonds outstanding and accrued interest to any redemption date should exceed 100%.

Outlook

WHAT COULD CHANGE THE RATING: UP

- An increase in the asset-to-debt ratio above 100%

- Greater return on reinvestment following increases in the interest rate environment

WHAT COULD CHANGE THE RATING: DOWN

- Prolonged low interest rate environment

- A decline in the asset-to-debt ratio

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Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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Brendan Weber Associate Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Naomi Richman MD - Public Finance Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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