Greystone and HAND Housing Partner to Bring Affordable Housing Financing Solutions to BIPOC Developers in Mid-Atlantic Region

NEW YORK, NY - Greystone, a leading national commercial real estate finance company, and Housing Association of Nonprofit Developers (HAND), the U.S. Capital Region’s premier member association advocating for affordable housing production and preservation, have launched Equity in Action, a partnership to increase access to working capital for real estate developers and investors in the Black, Indigenous, Person of Color (BIPOC) community. As part of an exclusive benefit to HAND, BIPOC developers will gain direct access to advisory and financing solutions for affordable housing construction, refinancing, recapitalization, and acquisition, including access to Greystone’s #1 ranked FHA lending platform.

Through education, engagement and regional advocacy, HAND builds the capacity of its cross-sector member collective to support the development of equitable communities for individuals and families at all income levels. As HAND’s first financing partner, Greystone will offer custom solutions for the creation and preservation of multifamily housing and community development projects, accelerating both opportunities and access for HAND’s membership base. Additional benefits to members include strategic CRE portfolio reviews, restructuring advisory services, and expertise on Low Income Housing Tax Credit (LIHTC) and bond financing solutions for affordable housing.

Mid-Atlantic Focus Addresses Immediate Regional Affordability Crisis

According to HAND’s recently-launched Housing Indicator Tool, the D.C. region created only 12% of the new affordable units that the Urban Institute says are needed by 2030 to meet demand.

“Right in D.C., and in surrounding Maryland and Virginia, the affordability crisis has been exacerbated by the pandemic and economic setbacks. Add to this that black and brown real estate developers are still met with the obstacle of basic access to the capital needed to execute their plans to revitalize communities,” said Heather Raspberry, Executive Director, HAND. “We are pleased to partner with Greystone to offer a membership benefit designed to increase opportunities for the BIPOC community as well as increase awareness and education of the options available to the institutional market.” 

“Greystone is executing on its commitment to help reduce barriers to accessing capital for communities of color and beyond, and we are hyper-focused on bringing the benefits of our debt and equity solutions to groups that need them most,” said Steve Rosenberg, founder and CEO of Greystone. “HAND’s membership is aligned with our own mission to preserve and create desperately-needed affordable housing, and we are thrilled to create a direct access point for them to benefit from finance and advisory services to help achieve their goals. We hope this partnership with HAND serves as a model to creating access to financing for other BIPOC commercial borrower communities nationwide.”     

About Greystone: Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com

About HAND: Founded in 1991, HAND is a nonprofit membership association comprised of over 450 organizations working across the private, public and nonprofit sectors to collaborate in the production and preservation of affordable housing in the Capital Region of Baltimore, Washington, and Richmond. Through education, engagement and regional advocacy, HAND builds the capacity of its diverse membership to support the development of sustainable communities for individuals and families at all income levels. Visit www.HandHousing.org to learn more about HAND’s efforts to build vibrant communities across the metropolitan region.

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