By Will Feuer
Blackstone Inc., through its affordable-housing portfolio company April Housing, said it has struck a deal with nonprofit RiseBoro Community Partnership to preserve affordability at some properties.
The agreement, which affects three multifamily properties totaling 190 units in Brooklyn, N.Y., resolves litigation between RiseBoro and a business that Blackstone inherited through a portfolio acquisition.
Under the terms of the deal, RiseBoro will get a majority interest in the properties. Blackstone has also committed to donate $1.2 million over 15 years to fund RiseBoro's resident support services.
"Responsible investors play a critical role in our country's affordable housing ecosystem and we are pleased to be establishing a new model for partnership among non-profit organizations and private investors," RiseBoro Chief Executive Scott Short said.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
07-01-22 1006ET