Norfolk Redevelopment and Housing Authority Aces Credit Rating

For More Information: 

Jenn White jewhite@nrha.us 757.314.2009

For Immediate Release
Release Date: 
Wed, 06/05/2013

Standard & Poor’s (S&P) Ratings Services issued a general obligation credit rating of “A+” to the Norfolk Redevelopment and Housing Authority, which is among the highest ratings assigned to a redevelopment and housing authority to date.

According to S&P, the ratings reflect:
• A very strong enterprise profile supported by an extremely high operational performance of its housing portfolio and excellent strategic planning.
• A strong financial profile structure with very high liquidity and very low debt burden.
• Very strong demand for quality affordable housing as evidenced by 98.3% occupancy at NRHA properties.

S&P’s findings are consistent with the results of a groundbreaking Economic Impact Study, conducted by the College of William and Mary Mason School of Business, which examined NRHA’s return on public investment and quality of life impact in Norfolk.

“We are proud to have received an A+ rating from Standard & Poor’s. This recognizes the financial and operational strength of NRHA and ranks it amongst the top rated housing and redevelopment authorities in the nation.” remarked W. Sheppard Miller, III, Chairman of the Board for the organization.

More information on the Economic Impact Study can be found at http://bit.ly/14IxZRE.

About Standard & Poor's (S&P)
S&P is an American financial services company. It is a division of The McGraw-Hill Companies that publishes financial research and analysis on stocks and bonds. The company is one of the Big Three credit-rating agencies, which also include Moody's Investor Service and Fitch Ratings. More information can be found at www.standardandpoors.com.

About NRHA: 

Founded in 1940, NRHA is a national leader in community revitalization and fostering sustainable mixed-income communities. As the largest redevelopment and housing authority in Virginia, NRHA plays a key role in making Norfolk the city of choice to build, work, live and play.

©2017 Norfolk Redevelopment and Housing Authority  NRHA Webmail

NOTICE OF NONDISCRIMINATION - NRHA provides equal housing and employment opportunities for all persons. NRHA does not discriminate against any applicant, resident or employee on the basis of disability, age, race, color, religion, gender, familial status or national origin in the admission, access or operations of programs, services or activities. NRHA complies with Title VI of the Civil Rights Act and the Americans with Disabilities Act. An internal grievance procedure is available to resolve complaints. If you feel you have been discriminated against, you have the right to file a complaint of discrimination  by calling toll free (888) 799-2085. Qualified individuals who need communication aids, services or other accommodations to participate in programs and activities are invited to make your needs known to the 504/ADA Coordinator, Kim Thomas (757) 623-1111. Please give NRHA at least seven to ten days advance notice to meet your needs