08.09.12 Howard County Housing Commission Receives A+ Credit Rating

August 9, 2012

Media Contacts:

Kevin Enright, Director, Office of Public Information, 410-313-2022

Tom Carbo, Director, Howard County Housing, 410-313-6318

Howard County Housing Commission Receives A+ Credit Rating

ELLICOTT CITY, MD – Howard County Executive Ken Ulman announced today that the Howard County Housing Commission has received an “A+” agency credit rating from Standard & Poor’s (S&P). This credit rating, among the highest for comparable housing authorities, will give the Commission greater access to credit markets.

“This A+ credit rating is a strong indication that our Housing Commission, which has worked diligently over the past five years to improve its financial position, is on the right track toward financial stability and self-sufficiency,” said County Executive Ulman. “As the Commission’s financial position continues to strengthen, its access to resources will grow and enable Howard County to further provide quality affordable housing to those who need it in our community.”

S&P highlighted the Commission’s financial strength and vision, noting in particular that the Commission has:

• Been significantly less reliant on federal subsidies than most Public Housing Authority’s (PHA), with a strong market rate portfolio;
• Adopted a mixed-income, mixed-finance model that has produced high quality development;
• Greatly improved its properties, asset management processes, and financial procedures;
• Implemented a clearly-defined, long-term strategic plan.

The Commission’s progress over the last five years may also be measured by its ability to achieve its mission, “to provide safe, quality, affordable, and sustainable housing opportunities for low- and moderate-income families who live or work in Howard County and to assist them in moving toward economic independence.”

Since 2007, the Commission has, either directly or in partnership with private developers, created nearly 400 rental housing units for persons with incomes below 60% of the Baltimore area median ($85,600 for family of four; 60% is $51,360), despite the nation’s economic downturn. Another 200 or more units are currently in the planning stages.

“All of these achievements are attributable to the invaluable contributions of many people over the past five years, including County Executive Ken Ulman, who provided not only the vision but many of the resources that have helped us to succeed; our Commissioners, who have provided keen and expert stewardship and support; and, last but not least, the hard-working, dedicated staff of Howard County Housing, who have brought these visions to reality,” said Tom Carbo, Director, Howard County Housing.

To view the Commission’s audited financial statements for FY2009, 2010, and 2011, visit www.howardcountymd.gov/housingpublications.htm or for more information on Howard County Housing, call 410-313-6318.