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

July 01, 2022 10:06 ET (14:06 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
Blackstone (NYSE:BX)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Blackstone Charts.
Blackstone (NYSE:BX)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Blackstone Charts.