Greystone Closes $137 Million LIHTC Fund II, Pushes Multi‑Investor Equity Past $240 Million

Overview

• Greystone closed Greystone Affordable Housing Fund II with $137 million in investor equity, a step that takes the platform’s multi‑investor LIHTC equity to more than $240 million in under 12 months.
• Fund II will finance 11 developments spanning 20 properties in nine states and is expected to create or preserve 1,960 affordable rental units with an emphasis on rural projects.
• The portfolio is split roughly 60 percent to new construction and 40 percent to rehabilitation, directs about 84 percent of equity to repeat developers, and includes 10 rural properties in the fund mix.
• Eight institutional investors backed the fund, five of them new to Greystone, and about 80 percent of properties carry project‑based rental subsidies with residents averaging 56 percent of area median income.
• The closing follows broader market and policy shifts that expanded LIHTC capacity—including the One Big Beautiful Bill Act and higher FHFA caps for Fannie Mae and Freddie Mac—which helped lift syndicated LIHTC flows to roughly $30.1 billion in 2025 and attract institutional capital.