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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.
- ◦Financing
