Greystone Housing Impact Investors LP Files 2023 Annual Report

TL;DR

<b>Greystone Housing Impact Investors LP has filed its 2023 10-K report, detailing its financial activities and investments in housing projects.</b>

AI Summary

Greystone Housing Impact Investors LP (GHI) filed a Annual Report (10-K) with the SEC on February 22, 2024. Greystone Housing Impact Investors LP filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as America First Multifamily Investors, L.P. and America First Tax Exempt Investors LP. The filing includes data related to various mortgage revenue bonds and property loans across multiple states. Specific entities mentioned include San Antonio Texas Member, Avistar Portfolio 2, Heritage Square, and Oaks at Georgetown. The report details financial activities and investments, including those related to variable interest entities and available-for-sale securities.

Why It Matters

For investors and stakeholders tracking Greystone Housing Impact Investors LP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Greystone Housing Impact Investors LP's financial performance and operational activities for the fiscal year 2023, offering insights into its investment portfolio. Understanding the details within this report is crucial for investors and stakeholders to assess the company's financial health, investment strategies, and potential risks associated with its housing impact investments.

Risk Assessment

Risk Level: medium — Greystone Housing Impact Investors LP shows moderate risk based on this filing. The company's business involves significant financial instruments and real estate-backed investments, which are subject to market fluctuations and interest rate risks, as indicated by the mention of various mortgage revenue bonds and property loans.

Analyst Insight

Review the detailed breakdown of mortgage revenue bonds and property loans to understand the specific risks and returns associated with Greystone Housing Impact Investors LP's investment portfolio.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-22 — Filing Date (Filed as of Date)
• 175 — Public Document Count (Number of documents in the filing)
• DE — State of Incorporation (State where the company is incorporated)

Key Players & Entities

• Greystone Housing Impact Investors LP (company) — Filer
• America First Multifamily Investors, L.P. (company) — Former company name
• America First Tax Exempt Investors LP (company) — Former company name
• San Antonio Texas Member (company) — Entity
• Avistar Portfolio 2 (company) — Entity
• Heritage Square (company) — Entity
• Oaks at Georgetown (company) — Entity
• Barclays Capital Inc (company) — Entity

FAQ

Risk Factors

• Risks Associated with Investments [medium — financial]: The company's investments in mortgage revenue bonds and property loans are subject to various risks, including market fluctuations and credit risks.
• Regulatory Compliance [medium — regulatory]: As a financial entity, the company is subject to various regulations that could impact its operations and profitability.

Industry Context

Greystone Housing Impact Investors LP operates within the finance services sector, specifically focusing on investments related to housing and multifamily properties, often with an impact investing mandate.

Regulatory Implications

The company's operations are subject to financial industry regulations, including those pertaining to investment companies and securities, as it operates under the 1934 Securities Exchange Act.

What Investors Should Do

1. Analyze the specific details of the mortgage revenue bonds and property loans mentioned in the filing to assess portfolio risk.
2. Investigate the company's historical performance and any disclosed financial trends to understand its stability.
3. Review any risk factors disclosed in the filing to identify potential challenges and their mitigation strategies.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $23.2 million — able MRBs with outstanding principal of $23.2 million as of December 31, 2023. Governmental
• $13.6 million — able GILs with outstanding principal of $13.6 million as of December 31, 2023. Property Loa

Filing Documents

• ghi-20231231.htm (10-K) — 11423KB
• ghi-ex10_63.htm (EX-10.63) — 115KB
• ghi-ex10_64.htm (EX-10.64) — 90KB
• ghi-ex21.htm (EX-21) — 14KB
• ghi-ex23_1.htm (EX-23.1) — 4KB
• ghi-ex23_2.htm (EX-23.2) — 4KB
• ghi-ex24_1.htm (EX-24.1) — 20KB
• ghi-ex31_1.htm (EX-31.1) — 13KB
• ghi-ex31_2.htm (EX-31.2) — 13KB
• ghi-ex32_1.htm (EX-32.1) — 6KB
• ghi-ex32_2.htm (EX-32.2) — 6KB
• ghi-ex97.htm (EX-97) — 95KB
• img56669855_0.jpg (GRAPHIC) — 6KB
• 0000950170-24-018452.txt (&nbsp;) — 49219KB
• ghi-20231231.xsd (EX-101.SCH) — 4314KB
• ghi-20231231_htm.xml (XML) — 13994KB

Business

Business 6 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 36 Item 1C Cybersecurity 36 Item 2

Properties

Properties 37 Item 3

Legal Proceedings

Legal Proceedings 37 Item 4 Mine Safety Disclosures 37 PART II Item 5 Market for Registrant's Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities 38 Item 6 [Reserved] Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 144 Item 9A

Controls and Procedures

Controls and Procedures 144 Item 9B Other Information 144 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 144 PART III Item 10 Directors, Executive Officers and Corporate Governance 145 Item 11

Executive Compensation

Executive Compensation 148 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Security Holder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Security Holder Matters 150 Item 13 Certain Relationships and Related Transactions, and Director Independence 151 Item 14 Principal Accountant Fees and Services 151 PART IV Item 15 Exhibits and Financial Statement Schedules 153 Item 16 Form 10-K Summary 158

SIGNATURES

SIGNATURES 159 3 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report ("Report") (including, but not limited to, the information contained in "Management's Discussion and Analysis of Financial Condition and Results of Operations") contains forward-looking statements. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy and plans, and objectives of management for future operations, are forward-looking statements. When used, statements which are not historical in nature, including those containing words such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions, are intended to identify forward-looking statements. We have based forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. This report also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other industry data. This data involves several assumptions and limitations, and you are cautioned not to give undue weight to such estimates. We have not independently verified the statistical and other industry data generated by independent parties and contained in this report, and accordingly, we cannot guarantee their accuracy or completeness. In addition, projections, assumptions and estimates of our future performance and the future performance of the industries in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described under the headings "Risk Factors" in Item 1A of this report. These forward-looking statements are subject, but not limited to, various risks and uncertainties, including those relating to: defaults on the mortgage loans securing our mortgage reve

B usiness

Item 1. B usiness. Organization The Partnership was formed in 1998 for the primary purpose of acquiring a portfolio of mortgage revenue bonds ("MRBs") that are issued by state and local housing authorities to provide construction and/or permanent financing for affordable multifamily housing, seniors housing and commercial properties. The Partnership has also invested in governmental issuer loans ("GILs"), which are similar to MRBs, to provide construction financing for affordable multifamily properties. We expect and believe the interest received on our MRBs and GILs is excludable from gross income for federal income tax purposes. We also invest in other types of securities that may or may not be secured by real estate and may make property loans to multifamily properties which may or may not be financed by MRBs or GILs held by us and may or may not be secured by real estate. The Partnership also makes noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily properties ("JV Equity Investments"). The Partnership is entitled to distributions if, and when, cash is available for distribution either through operations, a refinance, or a sale of the property. In addition, the Partnership may acquire and hold interests in multifamily, student and senior citizen residential properties ("MF Properties") until the "highest and best use" can be determined by management. The conduct of the Partnership's business and affairs is governed by the Partnership's Second Amended and Restated Agreement of Limited Partnership dated December 5, 2022, as further amended (the "Partnership Agreement"). Our sole general partner is America First Capital Associates Limited Partnership Two ("AFCA 2" or the "General Partner"). The general partner of AFCA 2 is Greystone AF Manager LLC ("Greystone Manager"), which is an affiliate of Greystone & Co. II LLC ("Greystone & Co."). Greystone & Co., together with

View Full Filing

View this 10-K filing on SEC EDGAR