Greystone Housing Impact Investors LP (Form: 8-K, Received: 01/26/2023 16:32:44)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 26, 2023

Greystone Housing Impact Investors LP

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-41564	47-0810385
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

14301 FNB Parkway, Suite 211
Omaha, Nebraska		68154
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 402 952-1235

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Beneficial Unit Certificates representing assignments of limited partnership interests in Greystone Housing Impact Investors LP	GHI	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On January 26, 2023, Greystone Housing Impact Investors LP (the “Partnership”) issued a press release announcing the closing of $118 million in mortgage revenue bond investments in December 2022 and January 2023.

A copy of the Partnership’s press release is attached as Exhibit 99.1 hereto and is incorporated by reference into this report.

Item 9.01 Financial Statements and Exhibits.

(a) Not applicable.

(b) Not applicable.

(d) Exhibits.


Exhibit Number		Description
99.1		Press Release dated January 26, 2023.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Greystone Housing Impact Investors LP

Date:	January 26, 2023	By:	/s/ Jesse A. Coury
			Printed: Jesse A. Coury Title: Chief Financial Officer

Exhibit 99.1


PRESS RELEASE	FOR IMMEDIATE RELEASE
	Omaha, Nebraska

January 26, 2023

INVESTOR CONTACT:

Andy Grier

Senior Vice President

402-952-1235

MEDIA CONTACT:

Karen Marotta

Greystone

212-896-9149

Karen.Marotta@greyco.com

Greystone Housing Impact Investors LP Announces Closing of $118 Million in

New Mortgage Revenue Bond Investments

OMAHA, Nebraska – Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that during December 2022 and January 2023, it originated and closed mortgage revenue bond (“MRB”) investments secured by four affordable housing properties acquired by two separate mission-driven non-profit organizations totaling approximately $118 million. The MRB proceeds will be used by the non-profit borrowers to acquire and rehabilitate the properties to provide additional affordable multifamily units to the local markets. The MRB investments consisted of:

•

MRB and taxable MRB investments totaling $38.1 million secured by The Park at Sondrio Apartments, a 271-unit multifamily property in Greenville, SC;

•

MRB and taxable MRB investments totaling $26.9 million secured by The Park at Vietti Apartments, a 204-unit multifamily property in Spartanburg, SC;

•

MRB and taxable MRB investments totaling $22.4 million secured by Windsor Shores Apartments, a 176-unit multifamily property in Columbia, SC; and

•

An MRB investment of $30.5 million secured by The Ivy Apartments, a 204-unit multifamily property in Greenville, SC.

The MRB investments were acquired in the ordinary course of the Partnership’s business. All the MRB and taxable MRB investments have an initial seven-year term and have a fixed interest rate of 6.5%. The Partnership has secured Tender Option Bond debt financing to fund a portion of the MRB investment acquisition prices.

The MRB investments were sourced through a relationship between the non-profit owner entities and Greystone Affordable Development, the fee-for-service co-developer for each property and an affiliate of the Partnership’s general partner. In addition, the sellers of each of the properties were represented by Cushman & Wakefield, which has a strategic joint venture with Greystone, the owner of the Partnership’s general partner.

“These kinds of transactions represent how our investing has a positive impact in communities – helping mission-driven non-profits acquire market rate properties and converting them to affordable housing. In addition, the cooperation of the Greystone and Cushman & Wakefield teams on these transactions continues to demonstrate the benefits of Greystone’s broad network of relationships in helping to identify accretive investment opportunities for the Partnership,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership.

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP (formerly known as America First Multifamily Investors, L.P.) was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

About Greystone Affordable Development

Greystone Affordable Development, an affiliate of Greystone, is a national development and transaction management group that is focused on meeting the challenges associated with the creation, recapitalization, and preservation of affordable housing throughout the U.S. To date, the group has developed approximately 14,500 apartment homes with another 5,800 in various stages of completion in 12 states. The group’s mission is to create meaningful and significant impacts on communities by helping to provide low-wealth households with decent, safe, and affordable housing. For more information, visit www.greystoneaffordabledev.com.

Safe Harbor Statement

Information contained in this press release regarding Greystone Housing Impact Investors LP contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Readers are urged to consider these factors carefully in evaluating the forward-looking statements. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.