Greystone Housing Impact Investors LP (GHI) Registration Filing summary

Company overview and business model

• Formed in 1998, the partnership acquires mortgage revenue bonds (MRBs) and governmental issuer loans (GILs) to finance affordable multifamily, seniors, and commercial properties, with a focus on assets eligible for Community Reinvestment Act (CRA) credit.

• Also invests in joint venture equity for market-rate multifamily and seniors housing, and may hold controlling interests in multifamily properties for future MRB financing or sale.

• Majority of assets are expected to be CRA-eligible, and investors can designate target regions for CRA allocation.

• The business strategy emphasizes generating risk-adjusted returns, recurring income, tax-advantaged income, and capital gains, while using leverage to enhance returns.

Financial performance and metrics

• As of June 30, 2024, total assets were $1.53 billion, with total debt of $1.10 billion and a leverage ratio of 73%.

• For the six months ended June 30, 2024, net income was $15.8 million, and cash available for distribution (CAD) was $11.5 million.

• For the year ended December 31, 2023, net income was $54.0 million, and CAD was $44.1 million.

• Quarterly cash distributions to BUC holders were $0.37 per unit for Q3 2024.

Use of proceeds and capital allocation

• Net proceeds of approximately $99.9 million from the Series B Preferred Units offering will be used to acquire MRBs, GILs, and property loans for affordable housing and other allowable investments.

• Proceeds will be allocated to CRA assessment areas as specified by investors, with a 24-month window to match investments if not immediately available.