Premier affordable housing lending consortia proves financial stability with investment-grade credit rating
Glendale, Calif. (Nov. 10, 2021) — California Community Reinvestment Corporation, a community development financial institution (CDFI) that provides permanent financing to facilitate the development of affordable housing in the state of California, has earned an A+ S&P credit rating.
The S&P Global Ratings credit rating system provides a guide to creditworthiness and credit quality, offering a benchmark for evaluating the relative credit risk of issuers and issues. The A+ rating demonstrates that CCRC has a strong capacity to meet financial commitments.
“We are proud to have received the A+ rating, and it is truly a testament to the unwavering hard work and dedication of our team,” said CCRC President Mary Kaiser. “But, most importantly, we are excited because we know the added credibility that comes with this rating will enable us to do even more good for the countless people in desperate need of affordable housing throughout our state.”
Founded in 1989 with support from the Federal Reserve Bank of San Francisco and major banks throughout California to address the affordable housing shortage, CCRC is a multifamily affordable housing lender, specializing in lending programs for low-income families, seniors, residents with special needs, veterans and formerly homeless residents.
CCRC has engaged in the origination of more than $2 billion in loan commitments with the premier nonprofit and for-profit developers across the state, and manages more than $1.1 billion in capital from bank investors, insurance companies and pension plans. The organization has also established a robust secondary market allowing for the origination, funding and recycling of capital through loan sales, totaling more than $1.1 billion to date.