Financial Profile

As early as 1994, the Virginia Housing Development Authority obtained a AA+ general obligation debt rating from Standard & Poor’s. This is the highest general obligation rating S&P has given to any housing finance organization. This nationally renowned rating agency praised VHDA for its "strong and stable financial performance and conservative and stable management."

VHDA also has obtained a general obligation bond rating of Aa1 from Moody’s Investors Services, Inc. This rating, according to Moody’s, was based on "strong debt coverage...net income...sizable general fund balance...successful track record and demonstrated strong management ability."

Moody’s also noted, "VHDA’s single family loan portfolio historically has performed much better than state and national averages."

At the end of fiscal year 2000, VHDA had assets of $7.0 billion, which included $5.2 billion in mortgage and other loans receivable in addition to investments and reserves. Liabilities were $5.9 billion, including $5.4 billion in notes and bonds payable. Fund balances totaled $1.1 billion.