New York, September 11, 2015 -- At the borrower's request, Moody's has reviewed documentation relating to the defeasance and subsequent redemption of The Industrial Development Authority of the City of Phoenix, Arizona Variable Rate Demand Multifamily Housing Revenue Refunding Bonds (Copper Palms Apartments Project) Series 2000, (the Bonds). The proposed advance funding of the redemption of the Bonds will not, in and of itself and as of the date of defeasance, result in downgrade or withdrawal of the Aaa/VMIG 1 rating currently assigned to the Bonds.

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