New York, November 08, 2016 -- Moody's Investor Service, at the request of the Borrower, has reviewed documents submitted to us in connection with conversion of the interest rate from weekly mode to initial index rate mode and issuance of the amended credit enhancement instrument in support of California Statewide Communities Development Authority Multifamily Housing Refunding Revenue Bonds (Crystal View Apartments Project), 2004 Series A (the Bonds). The Amended and Restated Direct Pay Irrevocable Transferable Credit Enhancement Instrument (the CEI) is provided by Fannie Mae, and will become effective on November 15, 2016. Upon such date the Bonds will be remarketed as a result of conversion to the initial index rate mode.

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