Greystone Housing Impact Investors (GHI) is a publicly traded limited partnership that invests in tax-exempt debt financing for affordable multifamily housing in the U.S., managed by an affiliate of Greystone, a major multifamily and healthcare finance lender. GHI's core product is the Mortgage Revenue Bond (MRB): tax-exempt bonds issued by state and local housing authorities to finance affordable apartment communities, seniors housing, and skilled nursing facilities. GHI buys and holds these bonds, earns tax-exempt interest income, and levers its portfolio with third-party debt to generate enhanced returns for unitholders. GHI also invests in Governmental Issuer Loans (GILs), shorter-term construction loans (typically 2-4 years) that Freddie Mac purchases at par upon stabilization through pre-arranged forward commitments, returning capital for redeployment. The core earnings engine is the net interest spread between fixed or variable tax-exempt bond income and lower-cost leveraged financing — primarily through Tender Option Bond securitizations, Freddie Mac financings, and secured credit lines. GHI is structured as a partnership, passing primarily tax-exempt income to unitholders via K-1. GHI also holds noncontrolling JV equity interests in market-rate multifamily developments, though it is winding this down due to poor returns. GHI's growth strategy focuses on expanding its MRB and GIL portfolio and scaling a construction lending JV with BlackRock Impact Opportunities, where GHI contributes roughly 10% of capital as managing member and earns promote income above certain return thresholds, targeting approximately $450M in total lending capacity.