4% LIHTC RAD Conversion

North Carolina
Property Type: RAD

Stabilized the long-term affordability of this portfolio and provided residents a complete refresh of the interior and exterior of their homes.

Project at a Glance

The Rental Assistance Demonstration (RAD) is a voluntary program of the Department of Housing and Urban Development (HUD).  RAD seeks to preserve public housing by providing Public Housing Agencies with access to more stable funding to make needed improvements to properties.

The Mission

To leverage public and private debt and equity, under the RAD program,  in order to reinvest/rehabilitate in this public housing stock.

The Partnership

Greystone Affordable Development partnered with Greensboro Housing Authority to renovate 9 properties consisting of 645 units.  GHA is North Carolina’s largest provider of quality, safe affordable housing to low-wealth families, the disabled population, as well as elderly individuals. 

The People

Greystone’s affordable development team partnered with the property owner, state agencies, investment firms, and state and local legislators in order to complete this transaction.

Key Partners

  • Developer Partner: Greensboro Housing Management Corporation
  • Bond Issuer: Greensboro Housing Authority
  • Equity Investor:  Boston Financial Investment Management
  • Permanent Senior Lender: PGIM Real Estate

Finance Structure

  • LIHTC Equity: $23M
  • New Debt: $54.7M
  • Tax Exempt Bonds: $38M
  • Other: $2.3M
645 Affordable Housing Units Renovated
$118M Total Development Costs
98% Occupancy Post Rehab

“Having the ability to complete a widespread preservation effort such as this across nine separate properties has been an incredible feat, and we thank Greystone for partnering with us in the RAD process. We are excited to embark on the renovation process and can’t wait for the final result.”

Greensboro Housing Authority Chief Executive Officer
Together, we can change lives.