NEW YORK, April 14, 2015 (GLOBE NEWSWIRE) -- At a gathering today of public housing authority administrators in Edison, New Jersey, Greystone, a real estate lending, investment and advisory company, introduced its new focus on assisting these communities in navigating HUD's Rental Assistance Demonstration program. The RAD program converts the financial structure of public housing authority properties to enable access to capital for physical improvements and increase overall operational efficiency.
Tanya Eastwood, head of Greystone's affordable housing preservation group, led an informative seminar with Jerry Anderson, Executive Vice President of Gill Group, and with support from the New Jersey Association of Housing & Redevelopment Authorities, to illustrate how RAD conversion can make a positive impact on the future of affordable housing communities.
"Housing authorities across the nation are at a critical crossroads in that their properties are rapidly deteriorating and available capital for improvements is at a minimum. The RAD conversion is an ideal solution for this, but it can be an incredibly complex process to navigate, so we want to educate local housing authorities on their options," said Mr. Anderson. Mr. Anderson, instrumental in the original development of the RAD program, was the former Associate Deputy Assistant Secretary of the Office of Affordable Housing Preservation at HUD, and has created a joint venture with Greystone to advise public housing authorities across the U.S.
Greystone's experienced team has preserved over 6,000 affordable housing units as both financial advisor and developer, putting into place the resources needed from a variety of sources to preserve and refurbish housing that is critical to many low-income or senior residents in the U.S. In advising housing authorities throughout the RAD conversion process, Greystone brings its capital assistance, equity and debt access, relationships with State and Federal agencies, and decades of experience transforming residential properties through recapitalization.
"We are incredibly excited to embark on this RAD advisory service, and believe Greystone's unique position in the market as a leading developer, advisor, and lender will prove to be invaluable to the many housing authorities that are on the cusp of a RAD conversion," said Ms. Eastwood. "It's a positive step for the authorities but more importantly, the residents of these affordable housing communities, who will most certainly benefit from the financial and physical improvements for years to come."
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending, development, ownership and management. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business. Headquartered in New York with a presence in 35 states, Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion.
About Gill Group
Founded in 1976, Gill Group Inc. provides nationwide commercial and multifamily consulting services and provides valuations, market feasibility analyses, physical condition assessments, capital needs assessments and title insurance on a nationwide platform. These services have been widely accepted and acclaimed by HUD, USDA-RD, Fannie Mae, Freddie Mac, State Allocating Agencies and nearly everyone involved with affordable housing in all 50 states and Puerto Rico.
CONTACT: PRESS CONTACT: Karen Marotta Director of Communications, Greystone 212-896-9149 KMarotta@Greyco.com