XML 65 R53.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt Financing (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Financing [Abstract] |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2024 and 2023:
|  | Outstanding Debt Financings as of December 31, 2024, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M33 TEBS |  | $ | 28,153,143 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 207,487,593 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 235,640,736 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.25% |
2024 PFA Securitization Transaction |  | $ | 72,928,607 |  |  | $ | 499,000 |  |  | 2039 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.90% |
TEBS Residual Financing |  | $ | 51,574,033 |  |  | $ | 265,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SoLa Impact Opportunity Zone Fund |  | $ | 23,353,548 |  |  | (3) |  |  | 2025 |  | Variable |  | No |  | 4.60% |  | 1.78% |  | 6.38% |
The Park at Sondrio - Series 2022A |  |  | 30,439,932 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.43% |  | 5.37% |
The Park at Vietti - Series 2022A |  |  | 21,556,510 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.43% |  | 5.37% |
Residency at the Entrepreneur MRBs |  |  | 34,060,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.45% |  | 5.39% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 0.91% |  | 4.85% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (3) |  |  | 2025 |  | Variable |  | Yes |  | 3.94% |  | 1.19% |  | 5.13% |
Residency at Empire MRBs |  |  | 42,456,840 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.42% |  | 5.36% |
The Ivy Apartments |  |  | 24,364,083 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Windsor Shores Apartments |  |  | 17,209,991 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Village at Hanford Square |  |  | 7,777,224 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
MaryAlice Circle Apartments |  |  | 4,698,486 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Meadow Valley |  |  | 30,709,433 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
40rty on Colony |  |  | 4,450,508 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Sandy Creek Apartments GIL |  |  | 9,640,533 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Residency at the Mayer MRBs |  |  | 33,806,861 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.19% |  | 5.13% |
The Safford |  |  | 29,772,042 |  |  | (3) |  |  | 2026 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar at Wood Hollow - Series A |  |  | 32,254,020 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Live 929 |  |  | 53,092,000 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.18% |  | 5.12% |
Woodington Gardens - Series A-1 |  |  | 24,841,650 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Aventine Apartments |  |  | 7,560,184 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar at Copperfield - Series A |  |  | 11,232,828 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.68% |  | 5.62% |
Avistar at Wilcrest - Series A |  |  | 4,255,827 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.68% |  | 5.62% |
Trust 2024-XF3219 | (4) |  | 46,436,706 |  |  | (3) |  |  | 2027 |  | Variable |  | No |  | 4.60% |  | 1.79% |  | 6.39% |
The Centurion Foundation |  |  | 5,051,557 |  |  | (3) |  |  | 2027 |  | Variable |  | No |  | 4.60% |  | 1.79% |  | 6.39% |
Avistar at the Crest - Series A |  |  | 7,240,898 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar on the Blvd - Series A |  |  | 12,060,628 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar on the Hills - Series A |  |  | 4,001,672 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar at the Oaks - Series A |  |  | 5,858,331 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Avistar in 09 - Series A |  |  | 5,053,972 |  |  | (3) |  |  | 2027 |  | Variable |  | Yes |  | 3.94% |  | 1.44% |  | 5.38% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (5) |  | 28,254,089 |  |  |  | - |  |  | 2025 |  | Variable |  | No |  | 4.45% |  | 1.27% |  | 5.72% |
Poppy Grove I GIL |  |  | 28,545,470 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.25% |  | 5.30% |
Poppy Grove II GIL |  |  | 17,231,470 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.25% |  | 5.30% |
Poppy Grove III GIL |  |  | 26,838,470 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.25% |  | 5.30% |
Village Point |  |  | 18,394,018 |  |  |  | - |  |  | 2025 |  | Variable |  | Yes |  | 4.05% |  | 1.61% |  | 5.66% |
Subtotal/Weighed Average Period End Rate |  |  | 733,129,781 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.43% |
Total |  | $ | 1,093,273,157 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the debt financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) The Partnership has restricted cash totaling approximately $15.8 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (4) The TOB trust is securitized by four MRBs, eight taxable MRBs, and one property loan. (5) The TOB trust is securitized by the Willow Place GIL & Supplemental GIL, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
|  | Outstanding Debt Financings as of December 31, 2023, net |  |  | Restricted Cash |  |  | Stated Maturities |  | Interest Rate Type |  | Tax-Exempt Interest on Senior Securities (1) |  | Remarketing Senior Securities Rate (2) |  | Facility Fees |  | Period End Rates |
TEBS Financings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
M31 TEBS | (3) | $ | 66,621,825 |  |  | $ | 4,999 |  |  | 2024 |  | Variable |  | Yes |  | 3.90% |  | 1.31% |  | 5.21% |
M33 TEBS |  |  | 28,870,624 |  |  |  | 2,606 |  |  | 2030 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 3.24% |
M45 TEBS |  |  | 209,769,942 |  |  |  | 5,000 |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 4.39% |
Subtotal/Weighed Average Period End Rate |  |  | 305,262,391 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.46% |
TEBS Residual Financing |  | $ | 60,322,317 |  |  | $ | - |  |  | 2034 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 7.16% |
TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mizuho Capital Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hope on Avalon GIL |  |  | 18,711,665 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Jackson Manor Apartments |  |  | 4,100,000 |  |  | (4) |  |  | 2024 |  | Variable |  | Yes |  | 4.24% |  | 1.29% |  | 5.53% |
Trust 2021-XF2926 | (5) |  | 38,496,952 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 0.90% |  | 6.49% |
SoLa Impact Opportunity Zone Fund |  |  | 23,741,122 |  |  | (4) |  |  | 2024 |  | Variable |  | No |  | 5.59% |  | 1.78% |  | 7.37% |
Montevista - Series A |  |  | 5,618,833 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.28% |  | 5.52% |
Montecito at Williams Ranch - Series A |  |  | 6,813,244 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Vineyard Gardens - Series A |  |  | 3,593,615 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
The Park at Sondrio - Series 2022A |  |  | 30,396,222 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.43% |  | 5.67% |
The Park at Vietti - Series 2022A |  |  | 21,522,158 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.43% |  | 5.67% |
Avistar at Copperfield - Series A |  |  | 11,370,985 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.68% |  | 5.92% |
Avistar at Wilcrest - Series A |  |  | 4,303,984 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.68% |  | 5.92% |
Residency at the Entrepreneur MRBs |  |  | 23,040,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.45% |  | 5.69% |
Legacy Commons at Signal Hills GIL |  |  | 31,155,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 0.91% |  | 5.15% |
Osprey Village GIL |  |  | 49,475,000 |  |  | (4) |  |  | 2025 |  | Variable |  | Yes |  | 4.24% |  | 1.19% |  | 5.43% |
Trust 2021-XF2939 | (6) |  | 21,821,644 |  |  | (4) |  |  | 2025 |  | Variable |  | No |  | 5.59% |  | 1.17% |  | 6.76% |
Residency at Empire MRBs |  |  | 18,267,048 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.42% |  | 5.66% |
The Ivy Apartments |  |  | 24,330,930 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Windsor Shores Apartments |  |  | 17,183,983 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Village at Hanford Square |  |  | 7,760,141 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
MaryAlice Circle Apartments |  |  | 4,682,351 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Meadow Valley |  |  | 15,438,915 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
40rty on Colony |  |  | 4,440,847 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Sandy Creek Apartments GIL |  |  | 9,616,853 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Residency at the Mayer - Series A |  |  | 24,335,000 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.19% |  | 5.43% |
The Safford |  |  | 5,911,780 |  |  | (4) |  |  | 2026 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Avistar at Wood Hollow - Series A |  |  | 32,673,300 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.24% |  | 1.44% |  | 5.68% |
Live 929 |  |  | 53,092,000 |  |  | (4) |  |  | 2027 |  | Variable |  | Yes |  | 4.24% |  | 1.18% |  | 5.42% |
Barclays Capital Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust 2021-XF2953 | (7) |  | 69,694,599 |  |  |  | - |  |  | 2024 |  | Variable |  | No |  | 5.48% |  | 1.27% |  | 6.75% |
Poppy Grove I GIL |  |  | 15,872,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Poppy Grove II GIL |  |  | 7,628,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Poppy Grove III GIL |  |  | 13,235,163 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.40% |  | 1.25% |  | 5.65% |
Village Point |  |  | 18,381,720 |  |  |  | - |  |  | 2024 |  | Variable |  | Yes |  | 4.43% |  | 1.61% |  | 6.04% |
Subtotal/Weighed Average Period End Rate |  |  | 636,705,380 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5.87% |
Term TOB Trust Securitizations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Morgan Stanley: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Village at Avalon |  | $ | 12,739,978 |  |  |  | - |  |  | 2024 |  | Fixed |  | Yes |  | N/A |  | N/A |  | 1.98% |
Total |  | $ | 1,015,030,066 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) The tax treatment of interest paid to the trust senior trust securities is dependent on the structure of the trust financing. Debt financings designated as “tax-exempt” in the table above are such that the Partnership expects and believes the interest on the senior securities is exempt from federal income taxes, which typically requires a lower remarketing rate to place the senior securities at each weekly reset. (2) The remarketing senior securities rate is the market interest rate determined by the remarketing agent to ensure all senior securities tendered by holder for weekly remarketing are purchased at par. (3) Facility fees have a variable component. The stated maturity date in July 2024 is the expiration of the liquidity commitment rate from Freddie Mac. On that date, Freddie Mac will either extend the liquidity commitment, reset the liquidity commitment fee rate, or require the conversion to a fixed rate mode at a rate dependent on market conditions on that date. Freddie Mac cannot require redemption of the outstanding Class A Certificates on that date. The Partnership also has the right to terminate the facility and obtain alternative debt financing. (4) The Partnership has restricted cash totaling approximately $9.6 million related to its ISDA master agreement with Mizuho based on Mizuho’s valuations of the underlying assets and the Partnership’s derivative financial instruments. (5) The TOB trust is securitized by the Legacy Commons at Signal Hills property loan and the Hope on Avalon taxable GIL. (6) The TOB trust is securitized by the Residency at the Mayer taxable MRB and Osprey Village property loan. (7) The TOB trust is securitized by the Willow Place GIL, property loan & supplemental GIL, Lutheran Gardens MRB, Magnolia Heights GIL and property loan, Poppy Grove I taxable GIL, Poppy Grove II taxable GIL and Poppy Grove III taxable GIL.
Schedule of Contractual Maturities of Debt Financing | he Partnership’s contractual maturities of debt financing for the twelve-month periods ending December 31 for the next five years and thereafter are as follows:
2025 |  | $ | 352,103,969 |
2026 |  |  | 203,721,434 |
2027 |  |  | 194,545,705 |
2028 |  |  | 5,948,361 |
2029 |  |  | 10,606,159 |
Thereafter |  |  | 331,391,189 |
Total |  |  | 1,098,316,817 |
Unamortized deferred financing costs and debt premium |  |  | (5,043,660 | )
Total debt financing, net |  | $ | 1,093,273,157 |
The table above does not reflect certain extensions of certain TOB trust financings after December 31, 2024. See Note 27 for additional information.

X
- Definition Debt Financing [Abstract] + References No definition available. + Details
Name: | ghi_DebtFinancingAbstract
Namespace Prefix: | ghi_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration