{"url_path":"/sec/ghi/10-q/2026/item-4","section_key":"item-4","section_title":"Item 4 Controls and Procedures.","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-11","source_url":"https://www.sec.gov/Archives/edgar/data/1059142/0001193125-26-216905-index.html","accession_number":"0001193125-26-216905","cik":"0001059142","ticker":"GHI","issuer_name":"Greystone Housing Impact Investors LP","edgar_url":"https://www.sec.gov/Archives/edgar/data/1059142/0001193125-26-216905-index.html","primary_entity_key":"0001059142","primary_entity_name":"Greystone Housing Impact Investors LP"},"word_count":781,"has_tables":true,"body_markdown":"Item 4. Controls and Procedures.\n\nEvaluation of disclosure controls and procedures. The Chief Executive Officer and the Chief Financial Officer have reviewed and evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures were not effective in ensuring that (i) information required to be disclosed by the Partnership in the reports that it files or submits under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and (ii) information required to be disclosed by the Partnership in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Partnership’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. The conclusion that the Partnership’s disclosure controls and procedures were not effective was due to the presence of material weaknesses in the Partnership’s internal control over financial reporting, as that term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f), as previously disclosed in Part II, Item 9A of the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report on Form 10-K”). In light of the material weaknesses identified by the Partnership, management of the Partnership has performed additional analyses and procedures in order to conclude that its condensed consolidated financial statements as of and for the three months ended March 31, 2026 are fairly presented, in all material respects, in accordance with GAAP, as further described below.\n\nDescription of Material Weaknesses and Management’s Remediation Efforts\n\nAs previously disclosed in “Part II, Item 9A. Controls and Procedures” of the Partnership’s 2025 Annual Report on Form 10-K, the Partnership identified a material weakness with respect to the misapplication of accounting guidance for investments accounted for using the equity method. Specifically, the weakness related to the operating effectiveness of quarterly controls for recording preferred return investment income, the Partnership’s proportionate share of earnings (losses) from investments in unconsolidated entities, and the capitalization of interest costs as a basis difference related to equity method investees that are undergoing development activities. This material weakness resulted in an aggregate immaterial error in the reporting of such items in prior periods beginning in the third quarter of 2022, which was corrected prospectively in the consolidated financial statements as of December 31, 2025. However, this control deficiency created a reasonable possibility that a material misstatement of our consolidated financial statements would not be prevented or detected on a timely basis, and therefore we concluded that the deficiency constituted a material weakness in our internal control over financial reporting. As of the date of this report, management believes all measures to appropriately enhance its controls and procedures have been completed. In this regard, the Partnership redesigned the calculations for all impacted equity method investees, quantified the impacts to all periods, individually and in the aggregate, and established additional reviews of related calculations and control operation. In performing this redesign, the Partnership identified the amount of aggregate errors for all investments and for all periods through December 31, 2025 and established updated calculations and control procedures to avoid similar errors in future periods. However, the material weakness will not be considered fully remediated until the enhanced controls related to the material weakness operate for a sufficient amount of time and management has concluded that these controls are operating effectively. Therefore, the Partnership’s Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2026, the Partnership’s disclosure controls and procedures were not effective. Despite the foregoing, the Partnership’s management has concluded the financial statements fairly present in all material respects, the Partnership’s financial condition, results of operations, and cash flows as of the dates, and for the periods, presented in this Form 10-Q, in conformity with GAAP.\n\nChanges in internal control over financial reporting. There were no changes in the Partnership’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting, other than the remediation activities described above and discussed in further detail in “Part II, Item 9A. Controls and Procedures” of the Partnership’s 2025 Annual Report on Form 10-K.\n\n \n\n94\n\n \n\nPART II - OTHER INFORMATION"}