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LUBBOCK (TX) MULTIFAMILY HOUSING BONDS RATED 'BBB' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Dec. 15 /PRNewswire/ -- Lubbock Housing Finance Corp.'s $10.1 million Series 1992A Multifamily Housing Revenue Refunding Bonds (Commercial Federal Bank Project) are rated BBB'by Fitch. The bonds were originally issued on an unrated basis earlier this year and are being remarketed.
 The rating reflects debt service coverage of 1.39 times, a $1 million debt service reserve for the benefit of the Series A bonds, other capital improvement and tax reserves, amortization of the bonds during their term, and the cross-collateralization of the properties. The $3 million subordinate nonforecloseable Series B bonds are not rated by Fitch.
 The proceeds will be loaned by the issuer to Eagle Financial Limited Liability Co., who purchased the project from Commercial Federal Bank in connection with the remarketing of the bonds and assumed Commercial Federal's obligation to repay the loan. The proceeds of the bonds and the unrated Series B bonds will be used to acquire the property, to create reserve funds, and to pay closing costs. Management of the property will be performed by Capstone Real Estate Services, one of the nation's 100 largest property management firms. Although the principals of Eagle Financial do not have a significant level of ongoing multifamily real estate operations, this concern was mitigated by the debt service coverage level and the addition of Capstone to the owning entity.
 The bonds are secured by first liens on Las Colinas, Quail Creek, and Parkridge Place, three multifamily apartment complexes totaling 396 units in southwest Lubbock. Each property is operated separately. The properties offer unit amenities such as washer/dryer connections, wood burning fireplaces, and microwave ovens. Project amenities include covered parking, pools, and spas.
 -0- 12/15/92
 /CONTACT: Janet Forst, 212-908-0527, or Ron Wechsler, 212-908-0532, both of Fitch/


CO: Lubbock Housing Finance Corp. ST: Texas IN: SU: RTG

TM -- NY087 -- 7459 12/15/92 17:59 EST
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Date:Dec 15, 1992
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