CMHA Earns A+ Long-Term Credit Rating from S&P, Touting Strong Financial Stewardship and Portfolio Management The independent credit-rating agency’s glowing evaluation is a significant endorsement that reflects the confidence investors and the broader financial community have in CMHA’s leadership and vision

COLUMBUS, Ohio – The Columbus Metropolitan Housing Authority (CMHA) announced today that Standard & Poor’s Global Ratings – the largest of the three major credit rating agencies – has assigned the agency an A+ long-term issuer credit rating and an A+ rating on its outstanding general revenue bonds. 

“Receiving an A+ long-term credit rating from Standard & Poor’s is a tremendous affirmation of CMHA’s strong financial stewardship and our commitment to responsible, sustainable investment in affordable housing,” said CMHA President and CEO Charles Hillman.

“We are proud of this recognition and grateful to our dedicated team, whose discipline and vision continue to strengthen CMHA and position us to expand opportunities for safe, quality, affordable housing throughout Central Ohio,” Hillman said. “This rating reflects the confidence that investors and the broader financial community have in CMHA’s leadership and long-term mission.”

S&P evaluates the financial strength of public housing authorities (PHAs) such as CMHA on factors including liquidity, debt, management and operations, strategic planning, and the quality of the housing portfolio. In its August 4 report, S&P said its “stable” outlook for CMHA reflects its expectation that the agency will maintain “very strong management and governance” and “extremely strong liquidity,” even as the agency continues to use bond financing to fund new development.

Public housing authorities can use debt financing to develop, modernize and preserve affordable housing. S&P specifically considers a PHA's ability to leverage resources, manage debt, maintain reserves and execute its capital plans when assessing creditworthiness. 

An A+ rating therefore signals that an outside, highly respected credit-rating agency has found CMHA to be financially strong. 

“The S&P rating is more than a financial statistic; it is an independent endorsement of CMHA’s financial strength, management, and ability to meet our long-term obligations,” said CMHA Chief Operating Officer Scott Scharlach. “The recognition demonstrates that strong financial management is not an end in itself – it is a critical tool for advancing CMHA’s mission and creating greater housing opportunity throughout Columbus and Central Ohio.”

The latest S&P rating for CMHA continues a five-year track record that began in 2021, when CMHA sought an S&P rating for the first time and received an A+ as it entered the general revenue bond market. S&P is considered the largest of the three major credit rating agencies, which also include Moody’s Investors Service and Fitch Ratings. The S&P A+ rating was secured after extensive third-party reviews and reporting from CMHA’s finance team. 

CMHA has transformed its financial capacity, enhanced by S&P’s A+ rating, into housing investment across Central Ohio. Since 2020, CMHA has issued approximately $500 million in bonds supporting the acquisition or preservation of nearly 3,000 affordable housing units across 14 Franklin County communities. 

During the past decade, CMHA’s overall housing portfolio has grown from approximately 1,935 units in 2015 to more than 7,000 mixed-income apartment homes today – creating capacity to house thousands more families while expanding access to affordable, workforce and mixed-income communities.

“What matters most is what we have done with our access to capital,” said Scharlach. 

“Approximately $500 million in bond financing has helped us move faster, preserve and create housing at a scale that would not otherwise be possible, and ultimately serve thousands of additional families. Maintaining an A+ rating while growing this aggressively is a strong validation of the strategy and of the team executing it every day.”

CMHA’s growth comes as Central Ohio continues to face a significant housing shortage. Regional estimates cited by CMHA show that only 29 affordable units are available for every 100 extremely low-income households, while tens of thousands of Franklin County households spend more than half of their income on housing. The region is also estimated to need 11,000 to 14,000 additional housing units annually to support a healthy housing market.

CMHA now reports more than 7,000 mixed-income apartment homes in its portfolio and serves more than 160,000 residents through owned housing and rental-assistance programs. The agency continues to target the addition of more than 500 housing units annually as part of its strategy to address Central Ohio’s growing need for attainable housing.

About Columbus Metropolitan Housing Authority (CMHA)

The Columbus Metropolitan Housing Authority helps people access affordable housing through collaborative partnerships, promotes neighborhood revitalization, and assists residents in accessing needed social services. CMHA has more than 7,000 mixed-income apartment homes and, through its Housing Choice Voucher and Project-Based Rental Assistance programs, serves more than 160,000 residents in Ohio and Washington, D.C. Learn more at cmhanet.com. 

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