Rating Opens New Financing Pathways, Accelerating Development of Affordable Housing
Rancho Cucamonga, Calif. – Standard & Poor’s (S&P) Global Ratings, one of the foremost U.S. providers of credit ratings, has given National Community Renaissance of California (National CORE) an A+ credit rating, making National CORE only the second affordable housing developer in the nation, and the only one in Southern California, to earn such a rating.
As National CORE continues to expand its portfolio, the A+ rating will open new, non-traditional financial resources, reinforcing and accelerating National CORE’s efforts to address the chronic housing affordability crisis facing cities across the country. As one of the nation’s premier affordable housing developers and builders of cost-contained, high-performance affordable housing, National CORE is committed to providing a platform for community and social change. National CORE currently owns and manages more than 7,500 affordable, senior, market rate, and special needs units in California and hopes to double its portfolio over the next five years.
“National CORE has taken a holistic approach to the development of high-quality affordable housing,” said National CORE President/CEO Steve PonTell. “As a vertically integrated organization, our team of industry leaders in acquisitions, development, construction, property management, and social services has helped us go beyond building brick and mortar housing to create engaged communities and neighborhoods where families and seniors have access to opportunities, resources, and essential services.”
This approach has allowed National CORE to be a leader in the industry, with expertise in planning and development, green building, best-in-class property management, and best practices supportive services.
“Because we are actively involved in each stage of the development process, National CORE is able to ensure the same attention to quality and service that has made it an award-winning developer, building healthy communities that thrive and prosper for many generations to come,” continued PonTell.
The S&P credit rating recognizes the strengths of National CORE, including its organizational leadership capabilities and market position. Already well-positioned in the industry, the S&P credit rating will allow National CORE to continue building the future of community and take its efforts to a new level.
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.
For more information about National Community Renaissance of California, please visit www.nationalcore.org.