Greystone Housing Impact Investors LP

The Partnership, formed in 1998, primarily acquires a portfolio of Mortgage Revenue Bonds (MRBs) issued by state and local housing authorities. These MRBs provide construction and/or permanent financing for affordable multifamily housing, seniors housing, and commercial properties. The Partnership also invests in Government Insured Loans (GILs), which finance affordable multifamily properties, similar to MRBs. The interest received on MRBs and GILs is expected and believed to be excludable from gross income for federal income tax purposes. Additionally, the Partnership invests in other securities, some of which may or may not be secured by real estate, and may make property loans to multifamily properties, which may or may not be financed by MRBs or GILs held by the Partnership and may or may not be secured by real estate. The Partnership also makes Joint Venture (JV) Equity Investments for the construction, stabilization, and ultimate sale of market rate multifamily and seniors housing properties, receiving distributions when cash is available from operations, refinancing, or property sales. The Partnership also holds interests in market-rate or rent restricted multifamily (MF) Properties until management determines their "highest and best use," which may include sales. The Partnership's sole general partner is the General Partner, whose general partner is Greystone Manager, an affiliate of Greystone. Greystone is a real estate lending, investment, and advisory company known as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. The Partnership has issued Beneficial Unit Certificates (BUCs), representing assigned limited partnership interests, which trade on the NYSE under the symbol "GHI." The Partnership has also designated three series of non-cumulative, non-voting, non-convertible preferred units, representing limited partnership interests: Series A, Series A-1, and Series B Preferred Units.