Moody's gives Aa2 rating to N.Y.C. housing bonds

Moody's Investors Service said it assigned an Aa2 rating to the New York City Housing Development Corp.'s $96 million multi-family housing revenue bonds, 2008 series F, G-2 and H-1 and an Aa2/VMIG1 rating to the $94 million 2008 Series G-1, H-2-A and H-2-B bonds.

Moody's also affirmed the Aa2 rating on about $1.8 billion outstanding bonds of the corporation.

Proceeds will be used to finance mortgage loans for multifamily properties throughout New York City.

The short-term rating is based on standby bond purchase agreements from Dexia for the 2008 series G-1 and H-2-A bonds, which will expire on June 24, 2011, and from Bank of America for the 2008 series H-2-B bonds, which will expire on June 25, 2009.

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