Greystone and Lappin Associates form JV to preserve and stabilize affordable housing
Greystone has formed a joint venture with Lappin Associates to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing.
The joint venture will source long-term, low-rate Fannie Mae, Freddie Mac and HUD-insured loans that will enable owners of affordable multifamily projects to complete moderate renovations in order to prolong the life of their properties.
“The nation’s affordable housing stock — and particularly New York City’s — is in crisis, but there is a proven method for preserving properties both financially and physically with the help of government-backed loans and a strategic plan for long-term upgrades and efficiency,” said Stephen Rosenberg, CEO and founder of Greystone. “We believe this joint venture brings together the strongest providers in the affordable housing sector to give new life to critical residential housing, and we are thrilled to make an impact for both private and nonprofit