Greystone Affordable Development Launches to Finance, Preserve and Build Much-Needed Housing
April 18, 2017
Greystone & Co., Inc.’s affiliate dedicated to the recapitalization, preservation and development of affordable housing nationwide has rebranded as Greystone Affordable Development. Based in Raleigh, NC, the group began as a leader in structuring and coordinating creative tax-exempt bond transactions for rural LIHTC properties and has now expanded to encompass a range of development services for the public and private affordable housing and property development sectors.
Tanya Eastwood, President, Greystone Affordable Development, leads a number of initiatives including: pooled bond transactions to recapitalize rural affordable housing with financing from USDA and other sources; rapid rehabilitation of affordable housing with tenants-in-place; guiding public housing developments through HUD’s Rental Assistance Demonstration process; helping affordable housing owners achieve financing benefits by assessing and implementing green standards; and a number of other complex transactions that improve living conditions for affordable housing residents while maximizing value for property owners.
Current transaction engagements for Greystone Affordable Development include an 80/20 affordable new construction property in coastal Florida; substantial rehab and revitalization of assets owned by a mission-based non-profit in downtown San Francisco; restoration of affordable assets recently impacted by natural disasters in the southern U.S.; and large-scale new construction and preservation of at-risk properties scattered across Puerto Rico.
“We believe our new name more accurately describes our growing suite of services, which increasingly caters to the broad yet complex financing, construction and rehabilitation challenges that affordable housing developers are facing today,” said Ms. Eastwood, who also currently serves as President of the National Council for Affordable and Rural Housing and is on the board of the National Rural Housing Coalition. “As owners and developers diversify their portfolios, we too have expanded our capabilities and expertise to serve as a full-service partner for non-profit and for-profit affordable housing entities through the entire life cycle of their assets. Ultimately, our work yields truly life-changing results for the residents of affordable housing, who benefit from new or revitalized housing that’s preserved for the long-term.”
Greystone Affordable Development also taps the resources of Greystone & Co., Inc., which, together with its affiliates, is a real estate lending, investment, and advisory firm with a specialty in affordable housing. Greystone was ranked the #7 affordable housing lender in the U.S. by Affordable Housing Finance with nearly $1 billion in volume in 2016, and also ranks as a Top 3 Fannie Mae Affordable lender and #7 Freddie Mac Affordable lender. Greystone ranked as the #1 affordable housing developer for rural markets by CARH for the last two years running.