2026 Multifamily Leadership Series: Ken Rogozinski, Greystone Housing Impact Investors

The focus is multifamily for the fourth year of Connect CRE’s annual Leadership Series. We invited 18 apartment heavyweights to provide their unfiltered views of the current market, its challenges and opportunities. The insights of these power players have been collected in a downloadable report, and we’re also presenting them individually, in alphabetical order. Here, we present insights from Ken Rogozinski, CEO, Greystone Housing Impact Investors LP.

What does construction lending look like in the current environment?  

Our construction lending business is focused on “Capital A” affordable housing, primarily new LIHTC properties. In this sector, the challenge isn’t the availability or terms of construction financing, but the execution on the LIHTC equity portion of the capital stack. An increase in tax credits available as a result of the OBBBA, combined with higher required investor yields, has resulted in a decline in LIHTC pricing in many markets, making new construction deals harder to pencil. Sponsors are having to rely more and more on gap monies, which are a scarce resource.  

Has the debt market changed compared to a year ago, and if so, how?  

It doesn’t feel that way, but when you look at the 10-year SOFR swap rate today, we are almost at exactly the same level as in May 2025, approximately 4%. I think the biggest change is the sentiment of the market. Last year, on the heels of the Fed’s first rate cut in late 2024 after a period of aggressive hiking in 2022-2023, the market thought more were to come, which did happen at the September, October and December 2025 meetings. However, the current conflict in the Middle East and the resulting inflation pressures have significantly changed the market’s mindset. The Fed was even discussing openness to potential rate hikes in their latest minutes. That is certainly not good news for our clients.  

Lower-income households spend more of their income on paying rent. Where does a solution lie?  

I think part of the solution lies in traditional supply and demand. It’s been interesting to watch the dynamic in many of the Sunbelt markets like Austin and San Antonio where the wave of new unit deliveries continues. We’ve seen multifamily property owners react to this increased supply with lower rent levels all across the income spectrum that are more affordable. The expansion of the LIHTC program under the OBBBA is an opportunity for increased supply as well.  

Greystone Housing Impact Investors LP, the Omaha, Nebraska-based partnership formerly known as America First Multifamily Investors, was formed in 1998 to invest in mortgage revenue bonds that finance affordable multifamily, student housing and commercial properties. 

Click here to read the series.