Rancho Cucamonga – October 28, 2026 -- Standard & Poor's Global Ratings (S&P) has affirmed nonprofit affordable housing developer National CORE's A+ credit rating for a fourth consecutive year, citing EBITDA that nearly doubled year over year and operating margins above 20%.
S&P points to revenue growth that outpaced expenses
S&P's rating rationale lists six strengths: very strong management and governance, including stable leadership and a three-year strategic plan; revenue growth that materially outpaced expenses; operating margins above 20%; a growing fee-managed portfolio; a geographically diverse portfolio; and extremely strong liquidity.
National CORE became only the second nonprofit affordable housing developer in the U.S. to secure an A+ rating from S&P in 2021. The following year it issued $100 million in social bonds, opening a new source of capital for housing acquisition, development and rehabilitation.
Portfolio to exceed 11,000 apartments across three states by end-2026
By the end of 2026, National CORE's portfolio will exceed 11,000 apartment homes at more than 114 properties in California, Texas and Florida. Four new developments in Texas and Florida are nearing completion.
The organization's property management enterprise separately manages more than 6,000 apartment homes at over 100 properties for third-party affordable housing operators in California and Texas. S&P expects the fee-managed portfolio to top 14,000 apartments by 2028.
Executive Vice President Robert Diaz said the geographic expansion and the management business reduce exposure to operating volatility and add income streams that support the organization's mission.
Liquid resources run at nearly double expected needs
S&P also noted that National CORE's liquid resources nearly double its expected needs, and that the organization has strong access to external liquidity. That flexibility supports continued investment in affordable housing amid significant national need.
"The mission has never been more critical," National CORE President Michael Ruane said, adding that each step to strengthen the organization's foundation helps it keep serving those who need it most.