OMAHA, Neb., Feb. 06, 2024 (GLOBE NEWSWIRE) --  Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced today that on February 2, 2024 the Partnership executed a Subscription Agreement to issue 500,000 Series B Preferred Units representing limited partnership interests in the Partnership (the “Series B Preferred Units”) to an institutional investor, resulting in $5,000,000 in new aggregate proceeds to the Partnership. The stated value of the newly issued Series B Preferred Units is $5,000,000. The Series B Preferred Units were issued in accordance with the Partnership’s existing “shelf” registration statement on Form S-3 (Reg. No. 333-259207) for the issuance of up to 10,000,000 of Series B Preferred Units.

The Series B Preferred Units are non-cumulative, non-convertible, and non-voting units of limited partnership interests in the Partnership for which the holder has an option to have the units redeemed on the sixth anniversary of the acquisition date and each subsequent anniversary thereafter. The earliest potential redemption date for the newly issued Series B Preferred Units is February 2030, with certain exceptions.

“We are pleased that a new financial institution has invested in our Series B Preferred Units, which provides non-dilutive, fixed-rate and low cost institutional capital to execute on our strategy for the benefit of our unitholders,” said Kenneth C. Rogozinski, Chief Executive Officer of the Partnership. “This is our second issuance of Series B Preferred Units that provide an attractive fixed annual distribution rate of 5.75% and certain Community Reinvestment Act benefits to financial institution investors.”

About Greystone Housing Impact Investors LP

Greystone Housing Impact Investors LP 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.