Puerto Rico Housing Finance Authority (PRHFA)

Debt outstanding issued by the PRHFA, under the programs of the "Act 124", programs originated under the operation of the extinct Puerto Rico Housing Bank and Finance Agency

Credit Ratings

	Moody's	Standard & Poor's	Fitch
Affordable Housing Mortgage   Subsidy Program- Single Family   Mortgage Revenue Bonds/   Portfolio IX- $350,000,000	------	AAA	------
Affordable Housing Mortgage   Subsidy Program- Single Family   Mortgage Revenue Bonds/   Portfolio X- $246,000,000	------	------	AAA
Mortgage-Backed Certificates   2006 Series A- $165,643,717	------	------	AAA
Affordable Housing Mortgage   Subsidy Program- Single Family   Mortgage Revenue Bonds/   Portfolio XI- $200,000,000	------	------	AAA
Standard & Poor’s – June 22, 2009   Standard & Poor’s – June 12, 2009

Security

All of the mortgage loans financed by Single-Family Mortgage Revenue Bonds and Notes are required to be insured by the Federal Housing Administration, the Veterans Administration, or Rural Development.

Functions

The Authority inherited from the now extinct Housing Bank, among others, the power to grant direct loans, insure loans and purchase loans from private lenders for low and moderate income housing, and to subsidize mortgage loans.

Trustees Under the Trust Agreement:
Banco Popular de Puerto Rico, San Juan, PR

Financial Statements Audited by:
Deloitte & Touche LLP

Outstanding debt issued by the now extinct Puerto Rico Housing Finance Corporation, a former subsidiary of GDB

Credit Ratings

	Moody's	Standard & Poor's
Homeownership Mortgage   Revenue Bonds - Various Series	------	AAA
Multifamily Mortgage Revenue Bonds:   Albors 1998 Series A and B	------	AAA
Collateralized Mortgage Obligations:   Mortgage Trust III	------	A-/ Watch Neg
Standard & Poor's - February 27, 2009

Security

Bonds are secured limited obligations of the Authority, except for Mortgage Trust III, which are general obligations of the Authority, payable from revenues of outstanding mortgage loans and investments secured mainly by Federal government agencies.

Functions

PRHFA, as successor of the PRHFC, provides financing to private and public developers for the construction, reconstruction and improvement of adequate, safe and sanity dwellings for people and families of limited income by issuing bonds and notes, the proceeds of which are invested mainly in federally insured mortgage loans.

Trustees Under the Trust Agreement:
Banco Popular de Puerto Rico, San Juan, PR

Financial Statements Audited by:
Deloitte & Touche LLP