Recognizing Community HousingWorks’ (CHW) strong financial performance in delivering affordable housing across its markets, S&P Global Ratings is assigning the California-based nonprofit affordable housing developer an “AA” issuer credit rating.
The rating places CHW among a select group of top-rated housing providers and reflects the organization’s strong capacity to meet its financial commitments, supported by robust operational performance and consistent demand for affordable housing in its core markets. In S&P Global’s report, “U.S. Social Housing Providers Chart a Course Through a Shifting Funding Landscape,” released in September 2025, it is noted that “AA” is the highest rating assigned to any of the social housing entities evaluated nationwide with only three entities having received that rating at the time. CHW is now the fourth, and the first nonprofit social housing provider to receive this high a rating.
In its analysis, S&P Global Ratings cited CHW’s strong enterprise and financial risk profiles, noting, “demand for affordable housing remains extremely strong in each of the markets in which CHW operates, supporting our expectation for strong operational performance.”
S&P Global Ratings also highlights CHW’s strong management and governance practices, which have enabled the organization to successfully scale its portfolio while maintaining financial discipline and advancing its mission.
According to S&P Global Ratings, CHW is expected to maintain performance levels consistent with its current rating over the two-year outlook period, assuming continued strong execution and stable market conditions. The stable outlook further reflects expectations that CHW will continue to deliver strong operational results while expanding its affordable housing pipeline, reinforcing its role as a key provider of housing solutions in high-demand markets.
“With this ‘AA’ rating, CHW is recognized for both financial strength and mission-driven impact,” said Sean Spear, President and CEO of CHW. “It 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.”
CHW’s Chief Financial Officer Brian Kay went on to add, “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.”
The announcement from S&P Global Ratings is located here.
About Community HousingWorks
Founded in 1988, Community HousingWorks is a nationally recognized 501(c)(3) nonprofit that develops, preserves and operates affordable apartment communities across California and Texas. CHW serves more than 12,000 working families, seniors and children living in over 5,000 CHW homes. Along with housing, CHW offers vital programs and services that support financial stability, health, education and overall well-being to its residents. CHW is a nationally acclaimed member of the NeighborWorks Network®, an award-winning affiliate of UnidosUS, and a member of the Housing Partnership Network. Learn more at chworks.org.
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