New Documentary Highlights Transformation of Affordable Housing in Rural Areas of the U.S.
May 26, 2015
Short Film Illustrates How Greystone, USDA’s Rural Development Division and Partners Work to Preserve Critical Affordable Housing for Low-income and Elderly Residents in Rural Pockets of America
A critical affordable housing preservation process supported by USDA’s Rural Development division is highlighted in a new documentary produced by Greystone. In the film, residents of affordable housing communities in some of the most rural areas of the U.S. see a complete transformation of their residences thanks to innovative financing and redevelopment arranged by Greystone.
In pooling USDA’s RD 515 mortgages, tax-exempt bonds and low income housing tax credits for small rural rental communities around the country, Greystone manages the repositioning and renovation of apartment complexes in states such as Alabama, Georgia, North Carolina, South Carolina and Virginia. They have similar transactions underway in Florida, Georgia, Kentucky, and Tennessee.
In one recent transaction, Greystone assembled $117 million in financing from various sources to enable property owners to refurbish 1,362 apartments in 44 separate communities across rural Georgia. In addition to USDA, Greystone worked closely with the Athens Housing Authority, Georgia Department of Community Affairs and Fannie Mae to coordinate and secure the financing needed to acquire and rehabilitate the portfolio. This process, along with residents’ reactions upon returning to their renovated homes, is highlighted in the film.
“Executing a preservation effort on this scale is akin to directing a symphony orchestra,” said Tanya Eastwood, head of Greystone’s affordable housing preservation group. “With so many different private and municipal players involved in these complex transactions – not to mention that all of the properties are almost fully occupied the entire time – this undertaking is no easy feat. However, we thrive on seeing the process come together and ultimately making a positive impact on residents’ lives. Our role in spearheading the financing and development for affordable housing preservation is critical to ensuring these communities receive a second life.”
To view the documentary on the affordable housing preservation process in rural America, visit this link.