<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2025-02-25</periodOfReport>

    <issuer>
        <issuerCik>0001059142</issuerCik>
        <issuerName>Greystone Housing Impact Investors LP</issuerName>
        <issuerTradingSymbol>GHI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001787607</rptOwnerCik>
            <rptOwnerName>Baevsky Jeffrey</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>14301 FNB PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 211</rptOwnerStreet2>
            <rptOwnerCity>OMAHA</rptOwnerCity>
            <rptOwnerState>NE</rptOwnerState>
            <rptOwnerZipCode>68154</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>false</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>false</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Beneficial Unit Certificates</value>
            </securityTitle>
            <transactionDate>
                <value>2025-02-25</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4638</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>15247</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Restricted units granted pursuant to the Amended and Restated Greystone Housing Impact Investors LP 2015 Equity Incentive Plan. One-third of the aggregate number of restricted units vest on each November 30, 2025, 2026, and 2027.</footnote>
        <footnote id="F2">On March 13, 2024, the GHI Board of Managers declared a supplemental distribution payable in the form of additional Beneficial Unit Certificates (&quot;BUCs&quot;), payable to all holders of record of BUCs on March 28, 2024, to be paid at a ratio of 0.00417 BUCs for each BUC outstanding. As a result, the reporting person received 20 BUCs via Direct ownership as of April 30, 2024.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Jeffrey M. Baevsky</signatureName>
        <signatureDate>2025-02-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
