November 29, 2023

Housing Finance Development

It's Your Housing Finance Development

New Affordable Housing Coming to Sacramento with $153.6

NEW YORK, Nov. 22, 2022 (GLOBE NEWSWIRE) — Greystone affiliate, America First Multifamily Investors, L.P. (NASDAQ: ATAX) (“ATAX”), today announced that it has provided $153,637,000 in tax-exempt and taxable construction loans for a new 387-unit affordable housing community in Elk Grove, California. Frank Bravo, Managing Director at ATAX, originated the transaction.

Located at the southeast corner of Bruceville and Poppy Ridge Roads, Poppy Grove Development in Sacramento County is a three-phrase affordable apartment home community that, upon completion, will include 14 residential buildings, a business center, clubhouse, outdoor pool, laundry facility and an outdoor playground and recreation area, as well as gated access and security on the 16.73-acre site. The units will be restricted to residents earning a range of 30% to 80% Area Median Income (AMI).

At stabilization, and no later than 36 months from initial closing, the tax-exempt loan for the project will be partially paid down and Greystone will provide up to $42.8 million in permanent Freddie Mac Tax Exempt Loan (TEL) financing in the form a 15-year term, 40-year amortized facility.

As a completed asset, the multifamily community will be owned by Poppy Grove I, LP; Poppy Grove II, LP; and Poppy Grove III, LP — each a California limited partnership. The borrower’s administrative general partners are affiliates of UrbanCore Development, LLC, and E. Smith & Company, Inc., and the borrower’s managing general partner are affiliates of Oakland Economic Development Corporation, a California nonprofit corporation. The limited partner and tax credit buyer is Red Stone Equity Partners.

“We are honored to leverage our expertise in affordable housing and work with partners who share our vision for addressing the affordable housing crisis in Sacramento,” said Bravo.

“The Poppy Grove ownership is elated with the construction financing provided by ATAX,” said Reese A. Jarrett, Co-Managing Member. “Our great relationship with Frank Bravo and the ATAX team was integral to completing the financing on this affordable housing development which will enrich the lives of 387 families that will call Poppy Grove home.”

Ken Rogozinski, CEO of ATAX, added, “This project would not be possible without critical tax-exempt financing, which enables developers to create housing that addresses the demand for affordable housing in the Sacramento area and throughout the nation.”

Greystone, the #1 provider of HUD-insured commercial loans by volume, is also a Top 10 provider of Fannie Mae and Freddie Mac affordable housing loans. In 2019, a Greystone affiliate acquired the parent of the general partner of America First Multifamily Investors, L.P., which manages over $1 billion in assets consisting primarily of mortgage revenue bonds intended for multifamily affordable housing construction and permanent financing.

About America First Multifamily Investors, L.P. (ATAX)
America First Multifamily Investors, L.P. was formed on April 2, 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, student housing and commercial properties. ATAX is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. ATAX expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. ATAX seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Amended and Restated Limited Partnership Agreement, dated September 15, 2015, taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. America First Multifamily Investors, L.P. press releases are available at

About Greystone
Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit

About UrbanCore Development
Founded in 2012 by Michael E. Johnson, UrbanCore Development, LLC has developed real estate in the San Francisco Bay Area for the last 10 years. The company has developed mixed income, mixed-use, and affordable housing projects from the initial conceptual planning through the design and construction phases. UrbanCore also prepares the financial structure of each deal and identifies and packages the equity, construction financing, and long-term debt. With a concentration on urban-infill, public-private development projects, UrbanCore regularly interfaces with various community groups and local government officials.  UrbanCore emphasizes partnerships between the public, private, and community sectors, and is known for successfully bring these groups together to complete projects.  Over the past 40 years, Mr. Johnson’s total success is defined by the completion, or current progress, of a total of 36 projects, including approximately 3,300 housing units and over 100,000 square feet at a cost of over $1.0 Billion, primarily throughout the San Francisco Bay Area, but also Atlanta and Oregon, as well as several projects in the Southeast United States. For more information, visit

About E. Smith & Company
E. Smith & Company is a San Diego-based real estate development, asset and property management company that has engaged in over $500 million in real estate transactions in California and throughout the United States. E. Smith’s bandwidth of experience includes the direct investment and development of over 1,000 residential units in the San Diego market. The Company has developed, owned, and managed over 100,000 square feet of retail space. E. Smith & Company’s President, Reese Jarrett, has successfully led the redevelopment and post-redevelopment agencies for the City of San Diego. E. Smith set the standard for quality in-fill development in San Diego’s older neighborhoods. E. Smith built affordable, quality housing in urban neighborhoods including Southeastern San Diego, where Mr. Jarrett grew up. One of the Company’s signature projects, Jarrett Heights named in honor of the President’s father, is a 23-unit quality single-family housing development that set the standard for entry-level housing in San Diego.

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 ATAX with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the period ended September 30, 2021.  ATAX disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Karen Marotta
[email protected]