National CORE Announces 2026 S&P A+ Credit Rating

RANCHO CUCAMONGA, Calif., Oct. 27, 2026 /PRNewswire/ -- National CORE announced today that Standard & Poor's Global Ratings (S&P) has affirmed the nonprofit affordable housing developer's A+ credit rating for a fourth consecutive year, citing an array of organizational and financial strengths.

"The S&P rating is a standard of excellence that speaks volumes about the strength of National CORE as an organization and our strong outlook for the future," Executive Vice President Robert Diaz said. "The rating is an invaluable tool as we work to deliver high-quality affordable housing."

The S&P rating cites several specific financial strengths for National CORE:

• Very strong management and governance, including stable leadership and a three-year strategic plan
• Revenue growth that materially outpaced expenses and nearly doubled EBITDA year over year
• Operating margins that exceeded 20%
• A burgeoning fee-managed portfolio expected to top 14,000 apartments by 2028
• A geographically diverse portfolio that reduces exposure to operating volatility
• Extremely strong liquidity

National CORE, founded in 1992, is one of the nation's most innovative developers of affordable housing. The organization created the Hope through Housing Foundation in 1998 to deliver resident services that promote housing stability and economic mobility.

In 2021, National CORE became only the second nonprofit affordable housing developer in the nation to secure an A+ credit rating from S&P. The following year, the organization issued $100 million in social bonds, opening access to a new source of capital for housing acquisition, development and rehabilitation.

Diversifying funding and business operations is a core tenet for National CORE, as reflected by two areas highlighted by S&P – the organization's expanding geographic footprint and rapidly growing property management enterprise.

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. This includes four new developments nearing completion in Texas and Florida.

The property management enterprise also manages more than 6,000 apartment homes at over 100 properties for third-party operators of affordable housing. The enterprise includes communities across California and Texas.

That growth helps reduce exposure to operating volatility while creating additional sources of income to support the organization's mission, Diaz said.

S&P also cited National CORE's "extremely strong" liquidity, noting liquid resources that nearly double expected needs alongside strong access to external liquidity. This financial flexibility strengthens National CORE's ability to continue investing in affordable housing at a time of significant national need.

"It all comes back to National CORE's mission. Our goal is to support communities by creating beautiful, high-quality affordable housing," National CORE President Michael Ruane said. "The mission has never been more critical, and each step we take to strengthen our foundation positions us to continue serving those who need us most for decades to come."

About National CORE

National CORE is one of the largest nonprofit developers in the nation, with a 30-year history of being an innovator in the field. In 2021, National CORE became one of only two affordable housing developers to earn an A+ credit rating from Standard & Poor's Global Ratings. In 2022, National CORE issued $100 million in Series 2022 Social Bonds to accelerate the development of critically needed affordable housing. Serving more than 25,000 residents, National CORE strives to be a launching pad, not a landing pad, for families struggling financially. In 1998, National CORE created the Hope through Housing Foundation, a philanthropic nonprofit, whose mission is to end the cycle of generational poverty through resident services that promote educational attainment, economic mobility and overall well-being.

Media Contact: William Diepenbrock [email protected] (909) 294-7883

SOURCE National CORE