Greystone Housing Impact Investors LP Dossier
Qualitative Analysis
Business overview
Greystone Housing Impact Investors LP (NYSE: GHI), formerly known as America First Multifamily Investors, L.P., was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act. The Partnership's primary business focus is acquiring, holding, and dealing with a portfolio of mortgage revenue bonds (MRBs) and governmental issuer loans (GILs) issued by state and local housing authorities. These instruments provide construction and permanent financing for affordable multifamily housing, seniors housing, and student housing properties. GHI operates under the expectation that interest earned on these MRBs and GILs is excludable from gross income for federal income tax purposes, offering tax-advantaged yields to its unitholders. The Partnership leverages its strong relationship with the broader Greystone affordable lending platform to source and originate high-quality investments.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
A strategic pivot to reduce capital allocation to market-rate multifamily joint venture (JV) equity investments and redeploy that capital into tax-exempt Mortgage Revenue Bonds (MRBs).
Expected impact: Provides unitholders with more stable investment earnings, reduces exposure to construction and development risks, and increases the proportion of tax-advantaged income.
Acquisition of four multifamily properties in South Carolina via deed in lieu of foreclosure on existing MRB investments totaling $119.9 million. GHI is directly managing these properties through an experienced third-party property management firm.
Expected impact: Maximizes operating cash flows, property values, and the ultimate recovery of the Partnership's original investments.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Recent Acquisitions
Acquired via deed in lieu of foreclosure on existing MRB investments totaling $119.9 million. Direct ownership and management are intended to maximize the recovery value of GHI's original MRB and taxable MRB investments.
Financial impact: GHI obtained a new $84.0 million mortgage loan secured by the properties to partially finance the acquisition and repaid associated TOB trust financings of $95.9 million.
Strategic Partnerships
The joint venture was formed to invest in loans that finance the construction and/or rehabilitation of affordable multifamily housing properties across the U.S. It addresses the acute shortage of affordable housing in undercapitalized communities.
Terms: The joint venture aims to make available approximately $500 million of gross financing capacity.