GHI - Earnings call 4 2023 | Greystone Housing Impact Investors LP

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Operator

Greeting, and welcome to Greystone Housing Impact Investors Fourth Quarter Earnings Conference Call. [Operator Instructions]I would now like to turn the conference over to your host, Mr. Jesse Coury. Thank you.

You may begin.

Jesse Coury

all welcome ticker the of symbol Conference the to Investors Housing XXXX like in Call.During NYSE be LP, GHI, presentation, would everyone mode. Greystone to Impact Earnings a I listen-only will participants Fourth Quarter statements overview session.As GHI facts After question-and-answer conference you these that will in reminder, call, are recorded.During which this this historical conference and comments QX be management results of forward-looking actual risks XXXX, regarding to to are to invited not and are from cause presents materially could participate being future made its a or statements. a subject events call differ is uncertainties the to Such XXXX. provisions safe harbor Private Act forward-looking pursuant of of statements are the Securities made the Litigation Reform

the can words intend, identified of plan, expect, statements like and should, be other terms. focus by use similar may, Forward-looking

these to only in factors are statements forward-looking results actual economic, You today. from the statements implied projections made competitive, or by of Changes could regulatory business, forward-looking that and other those expressed differ today's our date. or cautioned speak materially cause as

take Ken turn of in Impact want question-and-answer make is under over FD be about by information your LP.I operating Securities Exchange Greystone detailed non-GAAP other if review which upon Commission. for you expectations change, discussion filed our do, and risks Regulation projections Chief our and call may measures informed.Today's and necessarily be to periodic factors GHI to interest full will that will Investors our the Rogozinski. but Officer, and the business, include they more For please that you the may will the time from Executive beliefs aware this and documents us advantage will now reports other Housing with you time during to impact these to the Internal and and not session.Thank participation we explained base SEC you call.We encourage

Kenneth Rogozinski

overview quarter, Greystone overview then our Thank Jesse to Quarter an year will the of Fourth XXXX wrap I present market with Housing of Impact Investors an will Welcome results. Coury, Investor and the Financial partnership's afternoon, financial up our the Call. and joining.I the Officer, for with you Good everyone. investment will Chief pipeline. LP's our portfolio. start

that, unit partnership your the and forward for look Following we $X.XX questions.For of quarter per CAD, to per distribution, cash fourth of XXXX, net taking $X.XX of income reported the or available unit.

$X.XX includes reported that and our of partnership mark-to-market the portfolio in XXXX, net translates or the income CAD multifamily quarter per property. fourth noncash the income swap $XX.X of per $X.XX For $X.XX per loss, $X.XX also a million, quarter. $X.XX in recognized unit the not unit.Our on net gain on million rate net is BUC, of associated $XX CAD.We to sale for noncash for unit unit quarter which fourth That in per for interest reflected reported Suites with loss in the income per Paseo reflects

a to of is pay net reflected noncash SOFR, December approximately $X.X recovery rate of of XXXX, not our reflected swap on That portfolio rate previous $X.XX mark-to-market X.XX%, of However, our expense.For is in XXXX. income. recognized the substantially for CAD, in interest reported year.We is amounts gain CAD we as on within not unit, rate depreciation and our per as of now a million a due in swaps, which we or it this unit interest are swap fixed is XX, weighted-average on per receiver loss compounded currently all our notional net as million, $XXX receive X.XX% the approximately

of interest million of in loans as such portfolio revenue form mortgage portfolio, counterparties, $XX.XX the in ratio in no in as level additional and payments. per partnership's reflected stabilized venture equity on multifamily X XX.X% defined also the point announced joint us of requests revenue spread Vantage XX, we where which with concerned, affordable $X.XX our unit had approximately billion XXX-basis would were XX, distribution bonds, for issuer both partnership joint a either the $X.XX under be XX, principal result distribution $X.X investments have would an X SOFR of occupancy a X compounded leverage properties mortgage the currently form remaining revenue consist terms the million complete; stage. current and investment swap quarterly supplemental is interest not in $X.XX constant and investment Physical mortgage bond the of governmental investments.As in of their regular of or equity be December per as portfolio venture next of $X.XX receiving unit of would our performance construction the net hold additional but planning of all in of on unit CAD.We underlying properties: the in bonds, December XX%.On income a assets payments by for of XXXX.In properties on per that the a the investments over that was multifamily borrowers construction January loans as cash on value property reported Assuming stays months, reflected from is X the are XXXX.Our we cash $X.XX we the billion and $XXX at unit units, which per of forbearance paid book and in and far

For the X leasing continue is to where complete, we properties construction activity. good see

position the stabilization. have or in Group, as the labor each past, Vantage material no will see the experienced upon the of under Vantage member project a owning managing projects entity, to we construction.As continue chain for sale on disruptions We property supply

to joint work ] Site has Texas. property in sale.We As the Group: have Valage Jessam for construction.Our Senior in Huntsville, longer equity commenced a student $XX.X has equity final has approximately in investment market-rate located multifamily previously as previously investment, and XXXX, commenced construction X construction the announced, Valley, The venture estate with investment sale on listed our Living for financial Hays the the project, in Freestone Colorado fourth XXX-unit has announced, real investments a Coury, for property Vantage projects Farm, equity data joint a the property at Nevada, the Jesse venture be XXXX. operating [ from Alabama, Carson proceeds in turn partnership things the in Paseo multifamily proceeds of property located sold gross core for well.As that, new-construction has in project for will X discuss quarter seniors commenced CFO, Colorado The into I to joint Tomball our Suites X Net venture housing December been no projects will owns any on strategies.With deployed Development X on and XXX-bed project begun of multifamily over Texas.Our in of Minden, vertical housing million. investment investments. the our project, we

Jesse Coury

financial per our $XX derivatives regarding from derivative to throughout impact the in for cause income unit, From approximately year of net for XXXX variability you, gains net our of portfolio revenue consolidated XX the $XX.XX, CAD.I basis, we reclassified unrealized unit from as QX on quarter. our fourth value net volatility, basic in and The expenses cash reported increase Transactions, CAD, loss Tier December items gains applied These Ken Thank reported full X the which in reported statement, and during $XX.X $X.XX or due retroactively our and we GAAP to mentioned, service the XXXX, We information equity net $X.XX bond well. results interest a our value ended XX. book diluted, additional listeners December providers of million reported of losses related of and income we primarily net to million per allocable rate in readers increase noncash useful per fourth unit on to year adjustments Changes seen Footnote our and $X.XX falling on of rate on was, includes reported calculation to particularly XX income partners.Our which unit. volume $X.XX of derivative available an in estimate of Net as during third-party titled reminder, reported interest Earlier Ken. million mortgage we are we and contributed is note our market of per mortgage million such an these yields.As and $X.X income full rate investment include GAAP on line of Derivative value quarter losses our to and and as use statements results, a JV unit, X today, a of changes periods statements. XXXX, and general fourth income after noncash and our our in a for fair basic unit.As like bond provide fair will when We million reported portfolio CAD combined, September well would to per of our fair income.For $X.XX earnings will a $XX interest net our our we detail have have per believe investments. the providing reported for starting XXXX. QX swaps of on diluted fair from CAD our value instruments the and distribution, that $X.X the diluted, XXXX, financial sales in quarter and as which, of of result is new These and XX. Such increase revenue our excluded $X.XX income were our value swap Results quarter quarter income

approximately XX, MMD curve revenue will The across fixed values. that bond revenue corresponding bond mortgage fair our tax-exempt September revenue which mortgage third-party valuation bond XX XXX investments from models average, fair predominantly estimate curves basis a have use in rates. the yield resulted points, to Rates multifamily to mortgage declined predominantly portfolio.I value December our increase interest the of in note on

directly fair receive changes our positions. impact from value income not the in So interest we the do

addition, maturity. bond holders and to mortgage In redemption will be are our revenue until continue we or investments long-term expect we of

which we unit events is book such, yesterday, impact per and take close over are income $XX.XX, this of February accretive debt in little significant an deleveraging Exchange CAD.As value opportunities fair expect to advantage XX.We market change to XX, values. liquidity York premium monitor no operating our closing direct have regularly in potential protect will of December asset to As there price our or Stock against unit our investment New X% our if flows, was the cash value both of on net as on net declines

these The December XXX-basis in scenarios nothing will is we as a we will of based assume analysis, million, included an that we sensitivity believe exposure an XX, secured $XX.X to equivalents our own and or interest issuer period, issuer assets.We and in million like that value a we December additional shows quarterly rates mortgage bonds we in governmental currently XX% on also as approximately finance revenue our fund Form per revenue for commitments, loans later.We result given an provide sustained Of availability assumptions, immediate of of billion, rates lines noted. that which XX% These table states. in portfolio, our is in changes income interest we of reported affordable XX our various and do current California previously and monitor mortgage of loans which rehabilitation $X.XX reported discuss rate levels, of analysis, property to own revenue $XXX,XXX our portfolio a multifamily interest I'd well issuer is Texas, rates interest mortgage The that states. management in properties to consisting result income fair in mortgage had our At financing increase property in of of share scenarios bond up construction total other XX represent that net value through governmental our there an on credit. report XX. months.The impact interest in to market governmental and our point decrease interest shows September investments is first our investments affordable These across interest that currently also As $XX rise I of unit.Now is multifamily on bonds, which regularly our loans. revenue loan properties financing and permanent information overall These and response increases that current or in potential net from for $XX.X debt XX-month commit sensitivity relates for increase to unrestricted lien. various XX% cash million X CAD, XX are assets these that immediate in portfolio, we South the shares properties mortgage XX% XX those XX-K. Alongside Page rates investment loan, of cash the the Carolina.We totaled to positioned our rate and XX of on of an across fund approximately of assumptions. $X.XXX of primarily bonds, increase XX,

Our property construction are loans loans the issuer fund typically under advances after governmental completed.

purchased The million issuer fourth loan fourth par loan, to we and completed pursuant quarter, by issuer we investment loan taxable at commitments.During its Mac for our loan quarter, purchase conversion the property commitment. was issuer $XX our governmental During permanent to Freddie forward Freddie governmental investment funds Mac. the advanced totaling of financing governmental governmental by one loan issuer

which assets total XX.X%, in of down our TEBS from quarter.We such with manage is on billion the assets of that an categories the secured or outstanding X category in $X.XX variable-rate replaced is exposed Page are XX to investments fixed-rate designed to debt variable-debt represents only TEBS of risk interest financing and basis. associated XX, of provision our historical of changes funding million of income-producing total X fourth joint that rate net debt that activity. no for is due MXX current due financing.In risk CECL be we residual XX million, losses million We will issuer property the financing.In $XXX with XX-K. was loan was our totaling fixed-rate includes totaled commitments. hedged Form financing.The our reported materially January issuer of and the related our designated remove in both appropriate.I debt $XX $XX We in November quarter. the term. have commitments related governmental provide fixed-rate category reserve borrower variable-rate our and investment debt and our that may we interest as governmental principal A adopted executed contributed XX, issuer with our provision used most categories, Accounting million, on return million, CAD, for with of equity XXXX, in in as calculating with January considered Greenville of of value short-term used loan in to approximately the debt governmental negative the Standards of as par. mortgage TOB XXXX for proceeds XXXX, weighted-average notes. to loan with and outstanding XX.X% are additional leverage $XXX amount B We We X, treatment assets months of allowances.Our Freestone which equity issuer to December investments standard, over category debt December our expect repaid variable-rate in facilities cash of Series report approximately exposure related to driven and $X.XX our loan X.X%, construction investment redemption rates. to of December fourth our funding was fourth reduction of and of X Update X now addition, interest assets issuances our off our effective which our the is loan hedging, of properties total, XX. main funding the exclusive hand.We future where commitments with in loans property pay or revenue notes had at Ladera, nearing approximately the with if hedges closing rate related an also This with methodology X are maturity. the our related during loan from of another of perm $XX investments of XXXX-XX, asset a to preferred variable-rate investments the on September Freddie TOB impacted redemptions our is from XX. will million account by funded $XXX with financing. fixed-rate loans, and Freestone $XX This credit previous These This advanced carrying X debt funded maturity by fourth in of bond debt, governmental generally loss existing loss million, Units $XX of monitor That category under phase.Our billion our Mac our or million the the totaling credit for insulated property for property redemption financing that our Series used redeployed new funding totaling $XX.X and redeemed planning reported largely on consistent our debt interest base.We consisted be commitments.As is a rate commitments XXXX September categories is October our Units our and addition, In capital receive and in Preferred that $XX investment our swaps, to down million, the will our off fixed-rate from a remaining million financing pay financing which issuer will investments, a redemption in near XXXX. proceeds secured quarter, add life of from consolidated this XX our update which governmental converted recent proceeds financing previous of $XXX,XXX remaining as primarily We as These XX our investment are into Preferred Redemption balance future, a of debt impact reminder, and financing for venture This regularly to loan reported financing implement early portfolio equity was portfolio. of unit

The Series in A million Preferred first B issued $XX.X of $XX.X Units. issuance exchange Units was for Preferred were issued million that of previously Series

capital fixed-rate newly date provide XXXX issued So this is new limited Preferred B of these [ (sic) capital.The was low-cost second to and Series investor recycle for a institutional of proceeds. $X Preferred ], for a $X XXXX nondilutive of of sale our with gross exceptions.These earliest B The was executing early redemption million strategy. certain Units a Units existing million issuances Series issuance for

We units our continue active Series to Preferred pursue now call AX issuing additional for our Units.I'll our the update preferred and B pipeline. investment to on for conditions market under and offerings Ken turn his Series over

Kenneth Rogozinski

Thanks, XX Municipal and fixed in XXXX close, respectively, X.XX%, MMD High-Yield of the year.As X.XX%, Municipal earlier XX-year were municipal MMD yield, Bloomberg is The markets, of The positive at negative flows the the billion, X.X% muni no issuance, a total of lower minus is the than pace XXXX's record quarter and X% time bond a XXXX. roughly $XX $XXX last of fourth XX-year slowed outflows.XXXX year. significantly improved at total the from $XXX perspective, were performance on a ended exception.A Index with Jesse. income previous Bloomberg much generated was still of the yesterday's than overcame year softness The strong of at the basis for call. return in Index quarter's billion billion points the year.From in lower market a at posted X.X% quarter for bonds for fund technicals return while

past cost point increases of at and points new-construction of over ratio the new a of was current rates, presented XX%, to the X-year XX-year actually XXX significant SOFR muni-to-Treasury months, munis.Continued short inflation MMD in the end lower on last X%. have curve, demonstrating recent level, is interest basis XX-day ratio move the The interest The rate financing challenges the XX muni developer quarter's approaching the strength is particularly plus cost clients the in the yield curve. of transactions. curve, in magnitude our the the yield volatility With from XX% approximately a low of inversion

are more through Our money of sources make the soft capital look on construction governmental cost-effective to tax-exempt for underway of strategies possible, commitment, challenges, their now, JV Freddie our a clients exits down on subsidies with use in believe road face deliver are X when forward feasible.We equity We affordable with selective transactions the limited. We supply the the our a to success approach.With and I reflective especially other take will lending.We association investments other loan needing your be most more X that our to continue to clients years in in believe questions. year-to-date basis. better will that sponsors are that other to new new deploy will and position our projects getting while for capital equity Jesse with that, new opportunities may developer completed and us financially put our rely of continue to to JV happy significant work Mac to

Operator

question Our James. with comes Stephen Instructions] [Operator first from Laws, Raymond

Stephen Laws

talk release, you earnings new and were Ken, to versus could comment the talk at making GIL, Suites those press or you start to accretive be about equity recycling want from have the Paseo. you of the investment? Can touched sale they're the on a returns capital that and there end, it on from investments, about but whether I the returns you're how available proceeds may from on in that you MRB the with

Kenneth Rogozinski

dividend.On some a potential But terms profile fit investment for identifying going-in little be seen a from the leveling venture rates we certainly, interest associated we're routinely question it find hedging.So level making partnership. the in here on loan historical at is, out for to and off is we're into that's that to circumstances our equity of for more the our assumptions the consistent as call that there. accretion at with bond a the permanent we Well, We underwriting over are sure products the challenging accretive the for having further issuer competition we close example, that different sponsor loan we construction the things versus are mortgage at investment we've when through fixed be new funding through. Stephen. rate past construction return higher. may of project markets, that higher. landscape rents takes moving, an really from a seen partners equity year-over-year marketplace. loan, couple in position pro a the it's a that that will a XXXX we markets But the forma investments requirements. are new fit perspective. to that we've our into. on a a to couple that's price go basis a in a joint and environment accretive look JV go on significant project we side, our to accretive in of revenue aren't Thanks, How or the deals investments. from of we equity that Interest looking income individual definitely that of stay management the a trying going of the And price from account the to is we would being do what we philosophy a our mention the On and today I our you forward, projects we or cost We're committee end we market, rigorous JV that the more of that side, go I'll will about years. costs new increases exercise when as not that can yield governmental selective that analysis set in from investments locations the our Construction saw an perspective, And perspective, sponsor, are project, XXXX.So the lending

Stephen Laws

Great. third I the jump comments. And given I'm to my going your to appreciate Ken, here, question comments.

development? it I that that you've Is on cost. in of JV you ] Is that's on put commitment, specific event that interest original On are in the your cover about to $X K? about the Is that additional and [ the year-to-date that on capital It equity a talk of K, above -- the Page specific of in looks like asset? XXX can assets says it. construction I side, noticed mentioned subsequent in general believe. that kind across one Or million

Jesse Coury

is I this can Jesse. take that one. Stephen,

of capital X additional kind to that have across of and seen that different stabilization in in XXXX due interest these that projects, it's cost A was interest are that XXXX Vantage stabilized cost interest contributed overruns. very initiated deals were primarily So was late or overruns. or lot and environment different a have reaching

metrics that So properties, selectively, equity we have meet still elected think to we into put that we've we that contributed our in done can those but additional return on additional capital.

Stephen Laws

you Great. environment? comments, any update Appreciate asset? on Any Do update the process of it's March those on given more the the But just that a current October. a think listing market on you kind event? broker it's Jesse. in And still sale? asset, Tomball Do regarding of that? unknown think QX Is it

Kenneth Rogozinski

you tell that the Stephen, at ongoing. timing more definitive I process any give can I is really point. There in this think isn't this at I you is point all time can

Stephen Laws

mix, Can about the skewed rate be don't may to higher we think sensitivity. environment, table is one one, pretty And you in and mind. look outlook appreciate over where the take declining mentioned talk if rates. talking as yield in maybe the over financing that? unhedged your may but around an to any costs variable increasing the assets with that's component thoughts at financing of coupled given consideration XX I to attractive your where noticed I it you decreasing-rate the And I rates rates Understood. XX months, we linear Jesse, if decline look about last basis of know your you points you time? with mix about fixed-rate smallest 'XX? next the

Jesse Coury

because have and the assets. to due analysis that's scenarios it linear various our to impact. works minus Yes, that on less small get, It our future would linear. are and interest penny, on in some swaps because considering the fairly rate we'll But and say, investment we in us we'll floors interest protects more those something or exactly of consistent, swaps, interest but rise our variable in X way we lower be risk. interest our point of a our you're And CAD our that environment receive become in we quarters. have scenario we'll will positive net X the do of rising-rate works rate a down, are XX-basis half for going analysis, financing, less it's is scenarios opposite fairly as reduction. $X.XXX, receive and right, we terms both Generally, costs XX-basis it consider additional scenarios, income on ways. may where hedged It on more rate pay a on are our And we'll I be, point interest and that falling.So

Kenneth Rogozinski

Ken. Stephen, it's

I that than that from we decisions I thing is add think can the the financing. form that is the underlying about really driven we're management it perspective something by that funding a other having make a investment only of the matched on

way floating-rate bucket associated that a have. the So if on with not set unhedged, of the being with cases, rates make there in by because being a It's is should us floating-rate a view really that fixed-rate investment.So underlying stay with lot are that unique financing driven X asset we of really characteristics dynamic. that specific variability funding by, fixed-rate repayment that principal we have out with asset of that remaining potential associated that exactly it's feel driven

take repayment on or going next to going something, terms what's with that of our timing we not that's have a to rates to by stick at a view uncertainty happen on particular specific really we're management I trying asset. And in rates based it's really it's with associated that on with So least perspective, think year; I a team from of principal the year consistent short pretty this not think hedging. view in because

Operator

question from next comes JonesTrading. Our Matthew with Erdner,

Matthew Erdner

So given opportunities this stress your GIL and space? benefited regional has you do the banks with think in recently, in MRB you guys the investment that

Kenneth Rogozinski

Valley you kind market in providers perspective, construction and perspective, from of active midsize of since Republic who housing banks probably financing country, CRA with Thanks, your we, the from in First affordable housing to Bank for certainly our more across March But Matt. and the Signature their appetite Silicon projects.So PNC's country. smaller of wind-downs construction banks the are regional world for lending financing that have of rest center that Certainly, York, what has projects who regional New Definitely large of of it's JPMorgan are majority core seeing the Bank we're seen that stress a last Citi's from and our that like urban bank banks the affordable large money have for very the in competitors. pullback the and providing Chase's the footprints. are regional our for your seen with with the

relationships that with of with balance And And sort this really during of us so again, that. affordable gives good COVID, the us institutions larger like to an might a relationships days year window the opportunity of expand those try for to we their lending because into our sponsors going the believe and historic of country of take have. strengthen pressure it's of opportunity early the kinds of did of we to some housing advantage the in

Matthew Erdner

an X And there. if Live but ones. That's saw got any was there quick Apartments, Are asset-specific the reserves? asset-specific I've I great. curious I there's then CECL XXX

Jesse Coury

and So model. a the to approximately the fully is expect revenue nearing those that related bond is for they're resolve XXX general of mortgage to securities and and held-to-maturity we and million Live the reserves, reserve XXXX, reserves.I bond reserve Live itself our investment. $XX subject on Center, is roughly specific securities mortgage to in And all note which debt Provision those different are are XXX resolution asset-specific Apartments, allowance there on a property our portfolio, available-for-sale loan $XXX,XXX the revenue rest will a on but our

Matthew Erdner

me then of helpful. That's can And remind book what you value was?

Kenneth Rogozinski

On diluted we basis, of a $XX.XX value have per book unit.

Operator

next JMP Securities. Our Chris with comes question from Muller,

Christopher Muller

there there's sitting House believe I the Senate Housing legislation passed would So Low-Income and some in that the that Credit the program. now has improve out is Tax

line? finish do how something think the so, that gets benefit business? First, if across And guys' would your I you guess, that's that

Kenneth Rogozinski

my XX% level credits done front.With does I that, what action favorable I the are is the of what on on the included a there commonly on to getting Housing can would lot and of by the bill, But hunch the other that biggest the we the changes call, extenders, and call in child of tax technical speculate really it's think voting that regard some overall on up the that end this the that's test. credit Low-Income Chris. that Tax but something saw like included tax Senate in of Credit, in industry tax package reduction we only would the on is the Thanks, bipartisan in based House of I that. that be

Housing So cap the the popular in if of terms in our and to cap.So that's to with included along new-construction But a much of private new of or transactions see that loans Credit lowers test states. like on volume larger because percentage taxable X% about allocation California XX% or think or Florida, House use stack, because have passed be this the availability on the you issuer IRS of Housing depending normal you loans always the volume some code of bill volume scarcity goes XX%. more cap, states the governmental you Low-Income the state capital the Georgia over of of on state's the in that the depending larger Low-Income Tax of our activity Tax those that XX% Credits from property in

cap transactions a as credits, allocate think speak.So them a is volume allows that really larger percentage the to us closer to those sort so level, level there'll the given see in number buck, XX% on to XX% issuer is over companion financing to states loan hopefully, a and taxable resource, current probably to XX% decrease of XX% where of But And it bonds. more forward, from which really to a in that be means a of more it a whole. bang industry scarce allows for wouldn't it's what does get tax-exempt of the volume doing scarce activity the is projects states, it cap private awards projects lending that to thing so from tax perspective resource, which governmental good I and cap-challenged surprise receive for their volume going those deals more that

Christopher Muller

it. but can housing beginning tax flowing through do the the credits are with then, guess? at are end I you around, throughout That's guess, they the And I allocated way quick me the remind helpful. Or those year, Got of allocated, turn the to just the borrowers, up they're year? does that

Kenneth Rogozinski

individually different, called is each Florida, volume where believe number they individual Florida's cap own, cap of different the X points have sponsors believe have volume allocate that of how they that held for then state different Every that QAP, I pool the that, qualified determine has or time back applications across, where volume year. XX the occur that Chris. allocation a at volume and to X, regions, allocations California activity IRS of there's the regional each a On regions.There example a of project course example, state central over cap then the cap cap.So each for private states of year. plan, other private what's there's I a in state. allocation is to in allocation rounds XX are are a, during year. a And their makes of certain activity January of is volume free those like rounds state state the of an And make of allocation sort it's, they in

there their basis. to Debt on a Limit in rounds.So sponsors those Committee get California project applications the in participate really in state-by-state so it order into And varies Allocation

hard is it's end in but volume circumstances it's it's think so cap to say to generalize, January. of the most safe not And the that like by I gone all

projects get kind fairly the projects in And fourth quarter ready over states a year, then the the allocation picture of the making are affordable see allocations year. in circumstances, round you course we in you see, terms have that active to some what's along activity goes do think multifamily of better that into cleanup used a that to actually private last-minute close. been of a consistent are for of I to cap who once most the they allocating and then of that there is

Operator

over turn to [Operator are to at back Rogozinski questions Instructions]There for the call further time. closing Ken no I'd comments. this like

Kenneth Rogozinski

forward you Thank next today. again to talking for you much, very everyone, with all We joining us look quarter.

Operator

concludes This conference. today's

this may You lines for your participation. at time, we you thank and your disconnect

Greystone Housing Impact Investors (GHI) 22 Feb 242023 Q4 Earnings call transcript