Press Release|Corporates
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KBRA Downgrades Issuer Rating for Greystone Housing Impact Investors LP to BB; Outlook Negative

13 Apr 2026   |   New York

Contacts

KBRA downgrades its issuer rating for Greystone Housing Impact Investors LP (GHI) to BB, with a Negative Outlook, from BB+, with a Stable Outlook. The downgrade follows generally weaker performance in the broader U.S. multifamily housing market, which has reduced occupancy levels within GHI’s core municipal revenue bond (MRB) portfolio and lengthened stabilization periods in the joint venture (JV) development portfolio.

The Negative Outlook incorporates KBRA’s expectation that it will take at least the balance of 2026 for excess multifamily inventory to be absorbed, and for GHI to make progress on recapturing invested capital ($146 million at year-end 2025) allocated to market-rate development properties.

Established in 1998, GHI is a $1.5 billion lender and capital provider specializing in low-income housing tax credit (LIHTC) properties and other affordable multifamily investments. The GHI ratings continue to be supported by a core MRB portfolio representing 70% of total assets, with an additional 12% allocated to senior governmental issuer loans (GIL). Equity in development JVs currently represents about 10% of total assets, but this is expected to be reduced over time as properties reach stabilization and are marketed for sale.

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1014421