S&P Affirms A+ Credit Rating for National CORE
Financial Strength and Stability of the Organization Highlighted
RANCHO CUCAMONGA, Calif., April 4, 2023 — For the second consecutive year, National Community Renaissance of California (National CORE), an award-winning affordable housing developer of cost-contained high-performance apartment homes, receives an A+ credit rating from Standard and Poor’s (S&P) Global Ratings, one of the foremost U.S. providers of credit ratings. In 2021, National CORE was one of only two affordable housing developers to earn such a rating.
“To have S&P affirm the financial strength and the long-term stability has been a game changer for National CORE,” said Chief Financial Officer Michael Finn. “It has made available new, non-traditional financial resources and has increased the credibility of the organization to potential investors helping to reinforce and accelerate National CORE’s efforts to address the chronic affordability crisis facing cities across the country.”
Since receiving its initial credit rating, National CORE has closed on the issuance of $100 million in Taxable Bonds, Series 2022 (Social Bonds). Proceeds of the bonds have been used to finance the acquisition, development, and preservation of high-quality affordable multifamily housing, in alignment with National CORE’s mission of breaking the cycle of poverty by providing affordable housing options and industry-leading social services to the underserved communities that need them the most.
“We have a long history of collaborating with National CORE on the development of safe, attractive, affordable housing for families, seniors, individuals with special needs, and persons who have experienced homelessness throughout Southern California. National CORE stands out for its steadfast commitment to both the community and the residents it serves,” said Hudson Housing Capital Managing Director Sam Ganeshan. “We take great pride in working alongside National CORE’s nationally recognized team to employ creative financial solutions in a challenging economic environment. Its innovative approach to community development has transformed underserved communities and the lives of hardworking, low-income families who live there for more than 30 years.”
With more than 30 years of experience in affordable housing, National CORE’s comprehensive approach to community development has made it a leader in the industry. As a vertically integrated nonprofit, National CORE has expertise in planning and development, green building, best-in-class property management and best practices supportive services.
“At National CORE we go beyond building bricks and mortar housing to create engaged communities and neighborhoods where families and seniors have access to opportunities, resources, and essential services,” added National CORE President Michael Ruane.
The S&P credit rating recognizes the strengths of National CORE, including its organizational leadership capabilities and market position. The following assessments are among those included in Standard & Poor’s rating of National CORE:
- A senior management team that demonstrates strong leadership and organizational capabilities through strategic planning that has sustained the company’s progressive mission to provide affordable housing for underserved populations.
- A strong financial risk profile with a very strong liquidity position.
- A very strong enterprise risk profile, with a strong market position and low industry risk.
About National CORE
National CORE is one of the largest nonprofit developers in the nation, with a 30-year history of being an innovator in the field. In 2021 National CORE became one of only two affordable housing developers to earn an A+ credit rating from Standard & Poor’s Global Ratings. In 2022, National CORE issued $100 million in Series 2022 Social Bonds to accelerate the development of critically needed affordable housing. Serving more than 25,000 residents, National CORE strives to be a launching pad, not a landing pad, for families struggling financially. In 1998 National CORE created the Hope through Housing Foundation, a philanthropic nonprofit, whose mission is to end the cycle of generational poverty through resident services that promote educational attainment, economic mobility, and overall well-being.
SOURCE National CORE