July 21, 2020
Greystone Affordable Development recently closed a $120.5-million transaction – its first in Texas – in collaboration with Burnet-based Hamilton Valley Management, Inc., an owner and manager of affordable multifamily in rural areas of the state. The portfolio runs to 23 aged USDA Rural Development Section 515 properties totaling 802 units.
Utilizing the housing industry’s critical 4% Low Income Housing Tax Credit, currently in crisis due to historically low rates, Greystone Affordable Development will redevelop, modernize and secure affordable rental homes for thousands of Texans.
“The rehabilitation of these properties, and the jobs that will be created during the extensive rehabilitation, would not be possible without the Housing Credit, our nation’s primary tool for financing affordable rental housing,” said Tanya Eastwood, president, Greystone Affordable Development. “Unfortunately, the program is facing significant challenges, threatening the development of affordable housing across the country at a time when it is needed more than ever.”
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