Alfonso Costa Jr. to Join Greystone AF Manager LLC Board of Managers
Rhea-AI Summary
Greystone Housing Impact Investors (NYSE: GHI) announced that Alfonso Costa Jr. was appointed to the Board of Managers of Greystone AF Manager LLC, effective January 15, 2026, and will serve as a director of the partnership.
Mr. Costa brings extensive residential real estate and affordable housing experience, including roles as Chief Operating Officer of the Falcone Group and prior public service as Deputy Chief of Staff & Opportunity Zones lead at HUD (2018–2020). The Greystone Manager board determined Mr. Costa does not meet NYSE and SEC independence standards due to a current advisory relationship with an affiliated entity.
Positive
- Adds a board director with direct affordable housing and multifamily development expertise
- Onboards a director with prior HUD leadership overseeing policy for a $70 billion annual cabinet agency
- Strengthens ties to industry organizations through Costa’s ULI and Home Builders Institute board roles
Negative
- Board found Mr. Costa non-independent under NYSE and SEC standards due to an advisory relationship
News Market Reaction
On the day this news was published, GHI declined 1.16%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
GHI was up 1.13% while key mortgage finance peers were flat to down: SNFCA -1.55%, ONIT -0.9%, BETR -7.4%, VEL -0.71%, IOR 0%. Peer momentum scanner only flagged CNF at -5.63%, suggesting today’s move was stock-specific rather than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 16 | Cash distribution | Positive | +12.1% | Quarterly cash distribution and strategic shift toward tax-exempt MRB focus. |
| Nov 06 | Earnings update | Positive | -10.8% | Q3 2025 financial results and capital allocation shift toward MRB investments. |
| Oct 22 | Earnings call setup | Neutral | -2.0% | Scheduling and access details for the upcoming Q3 2025 earnings call. |
| Oct 14 | Preferred issuance | Positive | -0.3% | Issuance of 500,000 Series B preferred units for <b>$5,000,000</b> in proceeds. |
| Sep 16 | Cash distribution | Positive | -0.2% | Announcement of a regular quarterly cash distribution of <b>$0.30</b> per BUC. |
Recent news shows mixed price reactions: strong upside on one distribution announcement but notable downside following earnings and capital-raising moves, indicating occasionally contrarian trading versus seemingly constructive updates.
Over the last few months, Greystone Housing Impact Investors announced multiple cash distributions (e.g., $0.30 and $0.25 per BUC) and a strategic refocus toward tax-exempt mortgage revenue bond investments. Third-quarter 2025 results showed net income of $2.0M and CAD of $4.6M, alongside preferred unit issuance of $5.0M. Price reactions ranged from about +12% on a December 16, 2025 distribution announcement to roughly -11% after earnings, underscoring inconsistent trading around otherwise orderly corporate updates such as today’s board appointment.
Regulatory & Risk Context
An effective S-3/A shelf filed on 2025-10-27 allows Greystone Housing Impact Investors LP to offer up to $200,000,000 of BUCs, preferred units, and debt securities from time to time. This structure provides flexibility to raise capital for acquiring MRBs, GILs, and other qualifying investments or for general purposes, including potential debt reduction.
Market Pulse Summary
This announcement adds a board member with extensive affordable housing and federal policy experience, including oversight of a $70 billion HUD budget and leadership in Opportunity Zones. It follows recent distributions, financing actions, and a strategic refocus toward tax-exempt mortgage revenue bonds. Investors may watch how this appointment influences capital allocation under the existing $200,000,000 shelf, governance decisions at Greystone AF Manager LLC, and alignment with prior shifts away from market-rate JV equity.
Key Terms
opportunity zones regulatory
public-private partnerships technical
AI-generated analysis. Not financial advice.
OMAHA, Nebraska, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) today announced that Alfonso Costa Jr. has been appointed to the Board of Managers of Greystone AF Manager LLC, the general partner of the general partner of the Partnership (“Greystone Manager”), effective January 15, 2026. In this regard, Mr. Costa will act in the capacity as a director of the Partnership.
“We’re pleased to welcome Mr. Costa as a new member of the Board of Managers,” said Ken Rogozinski, CEO of the Partnership. “Mr. Costa’s extensive background and expertise in residential real estate, particularly in regard to affordable housing, will be a great benefit to the Partnership as we continue to increase our investments in affordable multifamily and seniors housing and manage our existing strong portfolio of assets for the benefit of our unitholders.”
Mr. Costa has extensive experience in residential real estate serving as the Chief Operating Officer of the Falcone Group, one of the leading real estate development and investment firms in the United States, where he is responsible for overseeing the development of multifamily apartment projects, condo-hotels and single-family home communities, leading public-private partnerships, and executing operational and strategic initiatives for the company. He previously served in the Federal Government from 2018 to 2020 as Deputy Chief of Staff & Opportunity Zones lead for the U.S. Department of Housing and Urban Development (HUD). In this public service role, Mr. Costa was responsible for overseeing policy for the
Mr. Costa earned his law degree from Harvard University, master’s degree from the University of Oxford (United Kingdom), and bachelor’s degree from Yale University. Based on a current advisory relationship between Mr. Costa and an affiliated entity of Greystone Manager, the Greystone Manager Board has determined that Mr. Costa does not meet the independence standards established by the New York Stock Exchange listing rules and the rules of the Securities and Exchange Commission.
About Greystone Housing Impact Investors LP
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.
Safe Harbor Statement
Information contained in this press release contains “forward-looking statements,” which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, but are not limited to, risks involving current maturities of our financing arrangements and our ability to renew or refinance such maturities, fluctuations in short-term interest rates, collateral valuations, mortgage revenue bond investment valuations and overall economic and credit market conditions. For a further list and description of such risks, see the reports and other filings made by the Partnership with the Securities and Exchange Commission, including but not limited to, its 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. The Partnership disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
MEDIA CONTACT:
Fran Del Valle
Greystone
917-922-5653
fran@influencecentral.com
INVESTOR CONTACT:
Andy Grier
Senior Vice President
402-952-1235
FAQ
Who is Alfonso Costa Jr. and what role will he have at Greystone Housing Impact Investors (GHI)?
What experience does Alfonso Costa Jr. bring to GHI's board?
Does Alfonso Costa Jr. meet NYSE independence standards for GHI's board?
When did Alfonso Costa Jr.'s appointment to GHI's board become effective?
Could Alfonso Costa Jr.'s appointment affect GHI's focus on affordable housing investments?
