Federal Contract Affordable Housing Acquisition and Development
Section 8 project-based voucher, HAP contract, PRAC, RAD conversion, and Section 202/811 supportive housing acquisition, development, and preservation — also covering brick-and-mortar buildings, hiring, administration, legal, due diligence, and platform launch expenditures.
$11.26B · Primarily 30–60% AMI
Section 8 project-based voucher, HAP contract, PRAC, RAD conversion, and Section 202/811 supportive housing acquisition, development, and preservation — also covering brick-and-mortar buildings, hiring, administration, legal, due diligence, and platform launch expenditures.
Gr3ySpace Fund I is the platform anchor vehicle. It acquires, develops, and operates federally-assisted affordable housing properties including Section 8 project-based voucher communities, HUD Section 8, Section 236, and Section 515 multifamily properties with long-term HAP and Project Rental Assistance Contracts, public housing authority partnership transactions including RAD conversions and mixed-finance developments, and Section 202/811 supportive housing communities. Fund I additionally underwrites the platform's launch infrastructure — brick-and-mortar buildings, hiring, administration, legal, due diligence, and initial pipeline warehousing.
What this fund does.
- Section 8 project-based voucher communities
- HAP and PRAC contract renewal and assumption
- RAD conversions of public housing authority properties
- Section 202 Supportive Housing for the Elderly
- Section 811 Supportive Housing for Persons with Disabilities
- Platform launch expenditures — brick-and-mortar, hiring, legal, and diligence
Key economic terms.
- Net IRR Target
- 10–13% net IRR
- Vehicle
- Delaware Limited Partnership
- Fund Term
- 15 years (two 1-year extensions at GP discretion)
- Investment Period
- 5–7 years
- Carried Interest
- 15% above 7% preferred return (100% GP catch-up)
- Preferred Return
- 7%, compounded annually
- Distribution Waterfall
- European (whole-fund) waterfall
- GP Commitment
- 2% of total fund commitments
- Minimum LP Commitment
- $1,000,000
- Auditor
- PwC
- Legal Counsel
- LePore Law Group
Full fund terms are set forth in the Limited Partnership Agreement, Private Placement Memorandum, and Subscription Documents for the applicable fund vehicle. Fund interests are offered only to accredited investors and qualified purchasers.
Institutional cadence, matched to fund complexity.
Request the Fund I data room.
Qualified LPs may request the Fund I private placement memorandum, subscription documents, DDQ, Form ADV Parts 1 and 2A, audited fund financials, and ILPA Reporting Template samples through the Gr3ySpace Investor Relations team.