Greystone Housing Strengthens Board Alignment with New Director Equity Package

Rhea-AI Filing Summary

Form 4 Filing Details: Steven C. Lilly, Director of Greystone Housing Impact Investors LP (GHI), reported the acquisition of 6,270 restricted Beneficial Unit Certificates on June 23, 2025.

The restricted units were granted under the Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan at a price of $0. The vesting schedule is structured as follows:

• 50% of units vest on November 30, 2026
• Remaining 50% vest on November 30, 2027

Following this transaction, Lilly directly owns 21,320 Beneficial Unit Certificates. The filing was signed on June 24, 2025. This equity grant appears to be part of the company's director compensation program and represents a long-term alignment with unitholder interests through the two-year vesting period.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LILLY STEVEN C

(Last) (First) (Middle)

14301 FNB PARKWAY

SUITE 211

(Street)

OMAHA NE 68154

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Greystone Housing Impact Investors LP [ GHI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/23/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Beneficial Unit Certificates	06/23/2025		A(1)		6,270(1)	A	$0	21,320	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Restricted units granted pursuant to the Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan. One-half of the aggregate number of restricted units vest on each November 30, 2026 and 2027.

	/s/ Steven C. Lilly	06/24/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many restricted units did GHI director Steven C. Lilly receive on June 23, 2025?

Steven C. Lilly received 6,270 restricted units on June 23, 2025, granted pursuant to the Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan.

What is the vesting schedule for GHI's restricted units granted to Steven Lilly in June 2025?

The restricted units will vest in two equal installments: one-half will vest on November 30, 2026, and the remaining half will vest on November 30, 2027.

How many Beneficial Unit Certificates does Steven Lilly own in GHI after the June 2025 grant?

Following the transaction, Steven C. Lilly directly owns 21,320 Beneficial Unit Certificates of Greystone Housing Impact Investors LP (GHI).

What was the purchase price of the restricted units granted to GHI's director in June 2025?

The restricted units were granted at a price of $0, as they were awarded as part of the company's equity incentive plan rather than purchased.

What positions does Steven Lilly hold at GHI according to the Form 4 filing?

According to the Form 4 filing, Steven C. Lilly serves as a Director of Greystone Housing Impact Investors LP (GHI). The filing indicates his role by marking 'X' in the Director box under the relationship section.