RiseBoro and Blackstone Announce Agreement to Preserve Affordable Housing
Blackstone Inc. (BX)
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Source: Business Wire
Blackstone to Donate $1.2 million to RiseBoro to Fund Resident Support Services BROOKLYN, N.Y.--(BUSINESS WIRE)--RiseBoro Community Partnership (“RiseBoro”), a leading nonprofit dedicated to community revitalization, and Blackstone (NYSE: BX), through its affordable housing portfolio company April Housing, today announced an agreement to restructure their partnership to preserve affordability at three multifamily properties totaling 190 units in Brooklyn, New York. This agreement resolves litigation between RiseBoro and the former limited partner, which Blackstone inherited in connection with a portfolio acquisition. Under the terms of the restructured agreement, RiseBoro will acquire a majority interest in the properties.In order to support RiseBoro’s vital work within the Bushwick community in Brooklyn, Blackstone has committed to donate $1.2 million over 15 years to fund RiseBoro’s resident support services.“RiseBoro and Blackstone share a commitment to preserving affordable hou
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