News Release 
| FOR IMMEDIATE RELEASE January 16, 2007 |
Media Contact: Erin Biehl, ebiehl@ohiohome.org Phone: 614.387.2863 |
MOODY'S INVESTORS SERVICE UPGRADES OHIO HOUSING FINANCE AGENCY TO AN A1 RATING
COLUMBUS — The Ohio Housing Finance Agency (OHFA), which provides affordable housing opportunities to Ohio's families, was recently upgraded by Moody's Investors Service, a global rating firm, from an A2 to an A1 rating for the first time in the Agency's history.
“This A1 status is a reflection of OHFA's consistently strong performance over the last several years,” said Douglas Garver, executive director of OHFA. “OHFA's solid and growing fund balances, highly rated single family bond program and capable management team were key factors in this rating.”
Issuer ratings, also known as general obligation ratings, give investors and other capital market participants reliable, consistent credit risk assessments of entities that may have no ratable debt outstanding. Moody's assessed OHFA's financial position, management team, portfolio performance/composition and general underwriting criteria as part of the rating process.
OHFA's adjusted Combined Fund balance, which supports various bond programs and future obligations of the Agency, was $224.8 million for fiscal year 2006. OHFA's adjusted General Fund balance, which supports programmatic initiatives and general/administrative expenses of the Agency, was approximately $116.7 million for fiscal year 2006.
Throughout the 2006 calendar year, OHFA issued $1.3 billion in single family mortgage revenue bonds. These bonds fund OHFA's First-Time Homebuyer Program, which assisted a record 9,916 families in 87 of 88 Ohio counties last year.
OHFA utilizes federal and state resources to provide housing opportunities for families and individuals through programs designed to create, preserve, and manage affordable housing throughout the State of Ohio. The Agency is a self-supporting quasi-public agency governed by an eleven-member board, nine of whom are appointed by the Governor and confirmed by the Senate. Two additional seats on the board, by statute, are reserved for the Director of Development and the Director of Commerce, or their designees, and both serve as ex officio voting members.
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