Supportive Housing Lender CSH Reports A+ Credit Rating as Financing Needs Grow

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Corporation for Supportive Housing says S&P Global Ratings has assigned it an A+ issuer credit rating with a stable outlook, a development that could help the nonprofit housing-finance intermediary attract capital for projects that struggle to obtain early-stage loans.

The organization announced the rating October 8. Its release describes the rating as a judgment of CSH’s financial position and lending record. The full S&P rating rationale was not included in the announcement reviewed for this report, so individual analytical factors should not be attributed directly to the rating agency beyond the organization’s account.

CSH is a Community Development Financial Institution that helps arrange financing for supportive and affordable housing. It often supplies capital before construction financing or other permanent sources are in place, when projects can be especially difficult to underwrite. The nonprofit does not generally build or operate the housing itself.

At year-end 2025, CSH reported 174 loans and investments totaling nearly $647 million. It also reported cumulative net loan losses of 0.44% over its history. Those figures come from the organization’s announcement and have not been independently reconciled to audited financial statements in this report. Historical loss performance does not guarantee future results.

An issuer credit rating evaluates an organization’s ability to meet financial obligations. It does not automatically rate each loan CSH makes, insure investor principal or guarantee that new projects will be financed. Terms on future borrowing will still depend on the security, maturity and market conditions.

CSH president and chief executive Deborah De Santis said the rating could improve the nonprofit’s ability to draw additional capital into supportive housing. That benefit is prospective. The organization did not announce a bond sale, new credit facility or reduction in borrowing costs alongside the rating.

Supportive housing often combines long-term rental accommodation with services for people facing homelessness, disabilities or other barriers to stable housing. These developments can rely on layered subsidies and public commitments, and financing can be delayed when any part of the capital stack is uncertain. A stronger-rated intermediary may be able to provide more dependable predevelopment financing, but the availability of subsidies and operating support remains a separate constraint.

CSH said it has helped create more than 512,500 affordable and supportive homes since its founding and invested more than $2.2 billion in communities. Those cumulative totals describe the nonprofit’s reported historical reach, not homes funded by this rating action. The next test will be whether CSH can translate its credit standing into additional financing at terms that work for housing providers.