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Greystone Affordable Housing Preservation Transaction Saves 830 Units of Affordable Housing in South Carolina.

RALEIGH, N.C. -- Greystone Affordable Housing Initiatives (GAH), a provider of advisory, financial, transactional management, and development services for the affordable housing industry, announced today that it successfully closed the preservation transaction on a state-wide Rural Development portfolio in South Carolina. Unique financing arrangements make this project the first of its kind and will ultimately make possible the rehabilitation of 830 housing, which are managed by Boyd Management Inc., among the largest and most highly regarded owner/management agents of US Department of Agriculture (USDA) Rural Development (RD) sponsored projects located throughout small rural markets of South Carolina, North Carolina, and Georgia.

"Preservation projects are very complex and oftentimes overlooked by the construction and financing communities. But the necessity of preserving affordable housing in rural communities cannot be overstated," stated Tanya Eastwood, Senior Vice President, GAH. "We believe the Greystone finance structure is a model to preserve thousands of rural housing developments scattered across America. It is truly a mechanism that can provide the highly structured funding necessary to keep housing affordable while simultaneously rehabilitating aging structures critically needed for families and seniors for years to come."

GAH's recent activities focus on properties constructed primarily between the late 1970's and early 1990's and initially funded by USDA-provided RHS Section 515 loan proceeds. These properties are now suffering from significant age with minimum capital reserves available for rehabilitation. Greystone facilitates and manages the acquisition, preservation, and rehabilitation of numerous projects in the U.S. South. Specifically, the company works with third parties to rebuild in small rural markets, such as South Carolina, North Carolina, Georgia and Tennessee.

About Greystone & Co., Inc.

Greystone & Co., Inc. together with its affiliated companies is a financial services and private investment company with expertise in a range of loan products, servicing, trading, securitization and transaction structuring.
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Publication:Business Wire
Date:Nov 8, 2007
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