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Greystone Affordable Spearheads 10-County Redevelopment in Indiana

Greystone Affordable Development is spearheading the $45.6-million redevelopment of 336 affordable housing units in Indiana as part of the state’s “Moving Forward” Rural Development program, launched in 2015 by Indiana Housing and Community Development Authority (IHCDA).

Partnering with property owner and operator Justus Property Management, Greystone is guiding a recapitalization and renovation process to bring energy efficiencies and renewed housing for residents of 14 properties in 10 counties across Indiana.

The combination of funding sources enabling this statewide preservation effort includes $14.7 million in USDA 538 guaranteed loans from Greystone; $12.4 million in capital contributions from purchase and syndication of both 4% and 9% Housing Credits by Boston Financial Investment Management; $10.6 million in multifamily private activity tax-exempt bonds from IHCDA; $6.6 million of assumed and subordinated USDA Section 515 long-term debt; $1 million in funding from IHCDA via the Rural Revolving Loan Fund; and other miscellaneous sources totaling $236,000.  


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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