Greystone Affordable Development recently closed a $120.5 million transaction—its first in the state of Texas—in collaboration with Burnet, Texas-based Hamilton Valley Management, Inc., an owner and manager of affordable multi-family housing in rural areas of Texas. Using the housing industry’s critical 4 percent Low Income Housing Tax Credit (Housing Credit), which is currently in crisis due to historically low rates, Greystone Affordable Development will redevelop, modernize and secure affordable rental homes for thousands of Texans. “The rehabilitation of these properties, and the jobs that will be created during the extensive rehabilitation, would not be possible without the housing credit, our nation’s primary tool for financing affordable rental housing,” said Tanya Eastwood, president, Greystone Affordable Development. “Unfortunately, the program is facing significant challenges, threatening the development of affordable housing across the country at a time when it is needed more than ever.” Hamilton Valley’s portfolio of affordable housing properties for this transaction includes 23 aged, USDA Rural Development Section 515 properties, comprising 802 apartment homes serving low-income households in 14 counties across Texas. Click to read more at www.rejournals.com.