Tricon American Homes is prepping its second securitization of single family rental homes, according to rating agency reports.

Like the sponsor's first securitization, completed in April 2015, the $382.5 million Tricon American Homes 2016-SFR1 has exposure to an unusual type of collateral: Section 8 homes, which are federally assisted housing designed for low-income renters. No long-term history with respect to tenant management and cost containment has yet been established among these Section 8 tenants.

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