NEW YORK, June 25, 2026 /PRNewswire/ — Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease for the development of an Affordable Housing community in Austin, Texas. The Low-Income Housing Tax Credit (LIHTC) development will provide 336 total units upon delivery in 2028. The project will be developed by The NRP Group, one of the most active developers of Affordable Housing in the United States and a repeat Safehold customer.

“We’re thrilled to expand our relationship with the team at NRP and our focus on the Affordable Housing market in Texas,” said Steve Wylder, Safehold’s Head of Investments. “We’ve established an innovative new ground lease structure for the Texas markets and are pleased our capital could play a role in moving this high-quality development forward.”

The transaction represents Safehold’s second transaction with NRP in Austin this year, both new construction 4% LIHTC developments. The project is located in northeast Austin, a high-growth region with strong long-term fundamentals and demand for high-quality housing product. The development is supported by tax credit equity from Huntington Bank, with construction and permanent financing arranged by Berkadia. 

Safehold established a dedicated Affordable Housing team in 2025 and has continued to expand its investment into the sector. Additional information is available at www.safeholdaffordablehousing.com.

About Safehold:

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, affordable housing, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

About The NRP Group:

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing with a mission to create exceptional rental housing communities for individuals and families, regardless of income. Since its founding in 1994, NRP has developed more than 62,000 apartment homes and currently manages over 30,000 residential units. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provide the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, mixed-income, and senior housing. The NRP Group has been consistently named a largest developer and builder in the U.S. on the NMHC “Top 50” lists, the Top 5 on the Multi-Housing News’ “Top Multifamily Developers” list, named a Top Affordable Housing Developer by Affordable Housing Finance, and has won three NAHB Pillar awards since 2020 for Development, Construction and Ones to Watch. The NRP Group has become the top multifamily developer in the U.S. that creates both affordable and market-rate housing at a national scale. Based on over 30 years of experience and expertise, NRP provides construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

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SOURCE Safehold

AUSTIN (Nexstar) –  During a Texas Senate Business and Commerce hearing Wednesday, lawmakers heard invited testimony examining soaring property and casualty insurance costs. Testimony focused on the need for more affordable options and the need to address the role of AI.

Increased costs

Amanda Crawford, the Commissioner of Insurance at the Texas Department of Insurance (TDI), acknowledged the reality of rising insurance costs for everyday Texans.

“The past few years have been very, very difficult. The average annual homeowner premium in Texas has increased from under $2,000 in 2020 to over $3,500 today. It’s a 79% increase in six years. That is a tremendous burden for Texans, especially for a necessary product like home insurance,” Crawford told lawmakers Wednesday.

Crawford went on to clarify that this increase can be attributed to increases in home values and claim costs related to severe weather.

“Annual homeowners’ losses averaged 5.5 billion from 2015 to 2020, rising to 9.1 billion from 2021 to 2025.” Crawford went on to say that “Last year alone, the National Weather Service recorded 902 hailstorms in Texas. The next closest state, Kansas, had 375.”

Holding insurance companies accountable

Crawford clarified that the TDI requires insurance companies to elaborate on their filings to ensure that Texans are not subject to unfair practices and prices.

“My expectations are that every rate filing submitted to TDI gets a careful review. We examine every statutory filing for statutory compliance. We verify the math, we scrutinize assumptions, we make them show their work”

According to the Texas Insurance Code, the rate review process conducted by the TDI does not explicitly focus on affordability.

“There is not a purpose in there around affordability. It is about driving market competition. It’s about making sure they’re not excessive, but then they’re also adequate. And it’s about having market forces drive the rates that are filed. So I think that’s an interesting perspective when you look at it, because that really frames the whole rate review process as it has been put into law.”

Insurance company officials say they are also focused on affordable costs.

“Our industry is not just saying, hey, legislators go fix all this. We are working all the time to bring down costs. It’s a good business decision because it helps us be more competitive,” said Scot Kibbe, the Vice President for State Government Relations at the American Property College for Insurance Association.

Concerns of price surveillance

Senator Nathan Johnson, D-Dallas, questioned whether insurance companies may be using technological advances, such as AI, to participate in price surveillance, a tactic to maximize profits.

“It sounds like, to some extent, every industry, with the advent of technological advantages we didn’t use to have, is able to create a special price just for you to find out your breaking point,” Johnson said.

David Bolduc with the Office of Public Insurance Counsel noted that there are protections in statute against companies charging different prices for the same coverage. But he added that the practice can be difficult to detect.

“I don’t know that TDI has the ability to monitor that. I mean, we hear about it,” Bolduc said in response to Johnson. “I think, if you could do something in statute that would allow us to report it, or would allow TDI to take action about it, that might be useful in terms of monitoring it,” Bolduc added.

Earlier this month, the TDI released a “use of artificial intelligence” bulletin to set expectations on how “regulated entities will govern the development, acquisition, and the use of AI technologies in their operations.”

Crawford says this bulletin will help address price surveillance concerns by reminding companies of Texas Insurance codes related to unfair discrimination and deceptive practices.

“That’s one of the reasons for putting out the AI bulletin, the expectations and the consumer protection around the use of that data, and what they are using that for,” Crawford said.

Potential solutions

Bolduc called on lawmakers to reexamine AI’s role in the industry. He also asked lawmakers to look into making coverage changes more transparent.

“It might be useful to continue looking for ways to be transparent about coverage changes. Notices of material change don’t seem to be working particularly well in the sense that we get a lot of phone calls from people saying they don’t understand what happened to them,” Bolduc said Wednesday.

Billy Crocker, Senior Vice President of Alliant Insurance Services, says the best way to fix pricing is to drive up competition between insurance companies.

“I think creating a lot of competition is the best way to drive this down, both for personal and business lines,” Crocker told lawmakers. “And then that brings the opportunity for access.”