EX-99.1

Greystone Housing Impact Investors Reports Second Quarter 2023 Financial Results

Omaha, Nebraska – On August 3, 2023, Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced financial results for the three and six months ended June 30, 2023.

The Partnership reported the following results as of and for the three months ended June 30, 2023:

The Partnership reported the following results for the six months ended June 30, 2023:

In June 2023, the Partnership announced that the Board of Managers of Greystone AF Manager LLC declared a quarterly distribution to the Partnership's BUC holders of $0.44 per BUC. The distribution consisted of a regular quarterly cash distribution of $0.37 per BUC and a supplemental distribution payable in the form of additional BUCs equal in value to $0.07 per BUC. The supplemental distribution of additional BUCs was paid at a ratio of 0.00448 BUCs for each issued and outstanding BUC as of the record date. The distribution was paid on July 31, 2023, to BUC holders of record as of the close of trading on June 30, 2023.

“Our second quarter and year-to-date results continue to demonstrate strong returns from the execution of our core strategies in both lending and joint venture equity investing,” said Kenneth C. Rogozinski, the Partnership’s Chief Executive Officer. “The ongoing uncertainty in the commercial banking and financial sectors over the first half of 2023 has created multiple new lending opportunities for us to pursue. Accordingly, we continue to execute on mortgage revenue bond

investment opportunities, both traditional multifamily and seniors/skilled nursing, at accretive returns. In addition, the gain from the sale of Vantage at Conroe during the second quarter continues the history of significant returns from our joint venture equity investments for the benefit of our unitholders.”

•

Received total proceeds of $19.8 million from the sale of Vantage at Conroe in Conroe, TX, inclusive of the return of the Partnership’s initial $9.0 million investment commitments made in April 2019. The Partnership recognized investment income and gains on sale totaling $9.4 million, which resulted in approximately $0.37 of net income and CAD per BUC after related expenses and allocation of Tier 2 income to the Partnership’s general partner.

•

Freddie Mac executed its first forward purchase of a GIL investment in June 2023 related to the Oasis at Twin Lakes property. The Partnership’s GIL and property loan investments totaling $58.0 million associated with construction financing were settled in full at par plus accrued interest.

•

Issued 1,000,000 of new Series A-1 Preferred Units to a financial institution for aggregate proceeds of $10.0 million in June 2023. The first optional redemption date for the new Series A-1 Preferred Units is in June 2029.

The Partnership reported the following updates for the six months ended June 30, 2023:

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The Partnership realized investment income and gains on sale totaling $25.0 million from the sales of Vantage at Stone Creek, Vantage at Coventry and Vantage at Conroe, resulting in approximately $0.95 of net income and CAD per BUC after related expenses and allocation of Tier 2 income to the Partnership’s general partner.

In July 2023, the Partnership closed on an equity investment commitment totaling $16.5 million for a to-be-constructed 318-unit market rate multifamily property in Huntsville, AL. The joint venture equity investment is with a new, highly experienced multifamily developer partner.

The Partnership announced the following updates regarding its investment portfolio:

•

All affordable multifamily MRB and GIL investments are current on contractual principal and interest payments and the Partnership has received no requests for forbearance of contractual principal and interest payments from borrowers as of June 30, 2023.

•

The Partnership continues to execute its hedging strategy, primarily through interest rate swaps, to reduce the impact of recently volatile market interest rates. The Partnership received net swap payments of approximately $1.3 million and $2.1 million during the three and six months ended June 30, 2023, respectively.

•

Two joint venture equity investment properties were over 90% occupied as of July 31, 2023 and two other properties have begun leasing activities. Six of the Partnership’s joint venture equity investments are currently under construction or in development, with none having experienced material supply chain disruptions for either construction materials or labor to date.

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The Partnership owns the Suites on Paseo MF Property near San Diego State University. The property continues to meet all direct obligations with cash flows from operations and is pre-leased at approximately 100% for the upcoming Fall 2023 term, which includes a master lease with San Diego State University for 140 beds for the 2023-2024 academic year.

The Partnership will host a conference call for investors on Thursday, August 3, 2023 at 4:30 p.m. Eastern Time to discuss the Partnership’s Second Quarter 2023 results.

Individuals located in the U.S. who are interested in participating in the question-and-answer session by telephone may dial in toll free at (888) 645-4404. International participants may dial in at +1 (862) 298-0702. No pin or code number is needed.

The call is also being webcast live in listen-only mode. The webcast can be accessed via the Partnership's website under “Events & Presentations” or via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=O2F8LWJO.

It is recommended that you join 15 minutes before the conference call begins (although you may register, dial-in or access the webcast at any time during the call).

A recorded replay of the webcast will be made available on the Partnership’s Investor Relations website at http://www.ghiinvestors.com.

Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022 (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts on business operations, employment, and financial conditions; current financial conditions within the banking industry, including the effects of recent failures of financial institutions, liquidity levels, and responses by the Federal Reserve, Department of the Treasury, and the Federal Deposit Insurance Corporation to address these issues; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which we

operate, which may be unfavorably impacted by increases in mortgage interest rates, slowing economic growth, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; persistent inflationary trends, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in further interest rate increases and lead to increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; exercising of redemption rights by the holders of the Series A Preferred Units; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

* On July 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.00448 BUCs for each BUC outstanding as of June 30, 2023 (the “Second Quarter 2023 BUCs Distribution”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the Second Quarter 2023 BUCs Distribution on a retroactive basis.

** On October 31, 2022, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.01044 BUCs for each BUC outstanding as of September 30, 2022 (the “Third Quarter 2022 BUCs Distribution”). On January 31, 2023, the Partnership completed a distribution in the form of additional BUCs at a ratio of 0.0105 BUCs for each BUC outstanding as of December 30, 2022 (the “Fourth Quarter 2022 BUCs Distribution”). On July 31, 2023, the Partnership completed the Second Quarter 2023 BUCs Distribution (collectively with the Third Quarter 2022 BUCs Distribution and the Fourth Quarter 2022 BUCs Distribution, the “BUCs Distributions”). The amounts indicated in the Condensed Consolidated Statements of Operations have been adjusted to reflect the BUCs Distributions on a retroactive basis.

This document refers to Cash Available for Distribution (“CAD”), which is identified as a non-GAAP financial measure. The Partnership believes CAD provides relevant information about the Partnership’s operations and is necessary, along with net income, for understanding its operating results. To calculate CAD, the Partnership begins with net income as computed in accordance with GAAP and adjusts for non-cash expenses or income consisting of depreciation expense, amortization expense related to deferred financing costs, amortization of premiums and discounts, fair value adjustments to derivative instruments, provisions for credit and loan losses, impairments on MRBs, GILs, real estate assets and property loans, deferred income tax expense (benefit) and restricted unit compensation expense. The Partnership also deducts Tier 2 income distributable to the General Partner as defined in the Partnership Agreement and distributions and accretion for the Preferred Units. Net income is the GAAP measure most comparable to CAD. There is no generally accepted methodology for computing CAD, and the Partnership’s computation of CAD may not be comparable to CAD reported by other companies. Although the Partnership considers CAD to be a useful measure of the Partnership’s operating performance, CAD is a non-GAAP measure that should not be considered as an alternative to net income calculated in accordance with GAAP, or any other measures of financial performance presented in accordance with GAAP.

The following table shows the calculation of CAD (and a reconciliation of the Partnership’s net income, as determined in accordance with GAAP, to CAD) for the three and six months ended June 30, 2023 and 2022 (all per BUC amounts are presented giving effect to the BUCs Distributions on a retroactive basis for all periods presented):

(1)

The adjustment for the three and six months ended June 30, 2023 reflects the change in allowances for credit losses under the CECL standard that was effective for the Partnership effective January 1, 2023 which requires the Partnership to update estimates of expected credit losses for our investments portfolio at each reporting date. The accounting for credit losses for the three and six months ended June 30, 2022 was subject to previous accounting guidance that was generally applied incurred loss model rather than expected credit losses. There were no credit losses incurred using prior accounting guidance for the three and six months ended June 30, 2022.

(2)

As described in Note 3 to the Partnership’s condensed consolidated financial statements, Net Interest Income representing contingent interest and Net Residual Proceeds representing contingent interest (Tier 2 income) will be distributed 75% to the limited partners and BUC holders, as a class, and 25% to the General Partner. This adjustment represents 25% of Tier 2 income due to the General Partner.

For the three and six months ended June 30, 2023, Tier 2 income allocable to the General Partner consisted of approximately $3.8 million related to the gains on sale of Vantage at Stone Creek and Vantage at Coventry in January 2023 and approximately $878,000 related to the gain on sale of Vantage at Conroe in June 2023, offset by a $1.4 million Tier 2 loss allocable to the General Partner related to the Provision Center 2014-1 MRB realized in January 2023 upon receipt of the majority of expected bankruptcy liquidation proceeds.

For the three and six months ended June 30, 2022, Tier 2 income allocable to the general partner related to the gain on sale of Vantage at Murfreesboro in March 2022.

(3)

The Partnership determined there was a recovery of previously recognized impairment recorded for the Live 929 Apartments Series 2022A MRB prior to the adoption of the CECL standard effective January 1, 2023. The Partnership is accreting the recovery of prior credit loss for this MRB into investment income over the term of the MRB consistent with applicable guidance. The accretion of recovery of value is presented as a reduction to current CAD as the original provision for credit loss was an addback for CAD calculation purposes in the period recognized.

(4)

The Partnership declared the Second Quarter 2023 BUCs Distribution, payable in the form of additional BUCs equal to $0.07 per BUC for outstanding BUCs as of the record date of June 30, 2023.


	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2023				2022				2023				2022
Revenues:
Investment income	$	22,415,771			$	13,825,300			$	41,718,456			$	28,228,703
Property revenues		1,108,356				1,944,541				2,333,976				3,871,542
Other interest income		4,646,347				1,463,126				9,056,012				4,339,093
Other income		133,467				-				133,467				-
Total revenues		28,303,941				17,232,967				53,241,911				36,439,338
Expenses:
Real estate operating (exclusive of items shown below)		614,692				978,521				1,216,945				2,043,083
Provision for credit losses (Note 13)		(774,000	)			-				(1,319,000	)			-
Depreciation and amortization		405,408				684,362				810,389				1,368,024
Interest expense		8,988,483				6,776,966				26,959,981				10,714,097
General and administrative		5,109,419				3,808,887				10,182,006				7,490,725
Total expenses		14,344,002				12,248,736				37,850,321				21,615,929
Other Income:
Gain on sale of investments in unconsolidated entities		7,326,084				12,643,501				22,693,013				29,083,251
Income before income taxes		21,286,023				17,627,732				38,084,603				43,906,660
Income tax expense (benefit)		(1,149	)			21,051				6,209				35,961
Net income		21,287,172				17,606,681				38,078,394				43,870,699
Redeemable Preferred Unit distributions and accretion		(799,182	)			(716,500	)			(1,545,832	)			(1,434,244	)
Net income available to Partners	$	20,487,990			$	16,890,181			$	36,532,562			$	42,436,455

Net income available to Partners allocated to:
General Partner	$	1,010,088			$	232,036			$	3,489,146			$	2,969,080
Limited Partners - BUCs		19,323,960				16,600,246				32,814,794				39,329,444
Limited Partners - Restricted units		153,942				57,899				228,622				137,931
	$	20,487,990			$	16,890,181			$	36,532,562			$	42,436,455
BUC holders' interest in net income per BUC, basic and diluted	$	0.85		*	$	0.74		**	$	1.45		*	$	1.74		**
Weighted average number of BUCs outstanding, basic		22,639,852		*		22,582,055		**		22,639,877		*		22,581,421		**
Weighted average number of BUCs outstanding, diluted		22,639,852		*		22,582,055		**		22,639,877		*		22,581,421		**


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net income	$	21,287,172		$	17,606,681		$	38,078,394		$	43,870,699
Change in fair value of derivative instruments		(6,020,265	)		(1,232,433	)		(2,584,298	)		(3,707,564	)
Depreciation and amortization expense		405,408			684,362			810,389			1,368,024
Provision for credit losses (1)		(774,000	)		-			(1,319,000	)		-
Amortization of deferred financing costs		392,983			492,720			1,398,750			944,192
Restricted unit compensation expense		587,177			165,509			937,136			339,407
Deferred income taxes		(1,073	)		(13,973	)		(2,055	)		(6,707	)
Redeemable Preferred Unit distributions and accretion		(799,182	)		(716,500	)		(1,545,832	)		(1,434,244	)
Tier 2 Income allocable to the General Partner (2)		(878,407	)		(189,569	)		(3,293,628	)		(2,835,548	)
Recovery of prior credit loss (3)		(17,345	)		(17,344	)		(34,312	)		(22,623	)
Bond premium, discount and origination fee amortization, net of cash received		(47,046	)		(59,341	)		(94,227	)		(137,716	)
Total CAD	$	14,135,422		$	16,720,112		$	32,351,317		$	38,377,920

Weighted average number of BUCs outstanding, basic		22,639,852			22,582,055			22,639,877			22,581,421
Net income per BUC, basic	$	0.85		$	0.74		$	1.45		$	1.74
Total CAD per BUC, basic	$	0.62		$	0.74		$	1.43		$	1.70
Cash Distributions declared, per BUC	$	0.368		$	0.556		$	0.737		$	0.878
BUCs Distributions declared, per BUC (4)	$	0.07		$	-		$	0.07		$	-


PRESS RELEASE	FOR IMMEDIATE RELEASE
	Omaha, Nebraska