By Stephen Nakrosis
Greystone Housing Impact Investors said it was forming a joint venture with BlackRock Impact Opportunities to finance construction and rehabilitation of affordable multifamily housing properties in the U.S.
The JV is looking to make available about $500 million of gross financing for properties in undercapitalized communities, Greystone said.
The company cited the National Low Income Housing Coalition, which said the U.S. has a shortage of 7.3 million affordable housing units for renters with extremely low incomes.
A wholly owned subsidiary of Greystone will be the JV's managing member, the company said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
October 17, 2024 17:46 ET (21:46 GMT)
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