Tuesday, May 12, 2026
Community HousingWorks earns rare 'AA' credit rating from S&P
It became the first nonprofit social housing provider in the nation to receive an "AA" issuer credit rating from S&P Global Ratings, a designation highlighting the organization's financial strength and growing affordable housing portfolio in California an
Community HousingWorks recently received an "AA" issuer credit rating from S&P Global Ratings, making it the first nonprofit social housing provider in the nation to earn the top rating assigned in the sector.
The Mission Valley-based affordable housing developer said the rating reflects its strong financial performance, disciplined management practices, and sustained demand for affordable housing across the markets where it operates.
According to S&P Global Ratings, only three other social housing entities nationwide had previously received an "AA" rating, the highest assigned to organizations evaluated in the sector.
Community HousingWorks president and CEO Sean Spear said the rating strengthens the organization's ability to attract financing for future housing developments.
"[This rating] is a foundational element of our efforts to bring a greater variety of financial resources to the housing development and long-term ownership work we do," Spear said in a statement.
In its analysis, S&P cited Community HousingWorks' strong enterprise and financial risk profiles, noting continued high demand for affordable housing in the California and Texas markets where the nonprofit develops and operates housing communities.
The agency also highlighted the organization's management and governance practices, saying they have enabled the nonprofit to expand its portfolio while maintaining financial discipline.
S&P assigned the organization a stable outlook for the next two years, indicating expectations that Community HousingWorks will continue delivering solid operational performance while growing its affordable housing pipeline.
"This rating reinforces confidence in our ability to scale affordable housing solutions while maintaining disciplined financial stewardship and delivering long-term value to residents, partners and investors," Community HousingWorks chief financial officer Brian Kay said in a statement.
Founded in 1988, Community HousingWorks develops, preserves and operates affordable apartment communities across California and Texas. The nonprofit said it serves more than 12,000 residents through more than 5,000 affordable housing units and also provides programs focused on financial stability, education and health services.
