RALEIGH, N.C., Jan. 03, 2024 (GLOBE NEWSWIRE) — Harmony Housing Affordable Development Inc. (HHAD), a newly-formed wholly-owned subsidiary of Harmony Housing, is acquiring the property development, development management, and advisory business of Greystone Affordable Development, effective immediately. Harmony Housing Affordable Development Inc.’s mission is to increase and preserve critically needed affordable housing in the U.S., which it has committed to doing through its predecessor’s history as a leading affordable housing developer.
Throughout its history, the development group has preserved, redeveloped, and constructed over 16,725 units of affordable housing for families and seniors in both rural and urban areas, helping to address the critically low levels of affordable housing for underserved populations in the U.S. As part of Harmony Housing, the group is now closely aligned with an established owner / operator of similar housing with which the group has partnered in the past.
For Harmony Housing, the new alignment will expand the services offered by the organization to encompass the creation of new affordable housing from the ground up with an industry-leading development team. In turn, the legacy Greystone Affordable Development group will be able to leverage Harmony Housing’s strength as a prominent national owner of affordable housing, enabling more engagement in development transactions within the non-profit sector.
“Harmony Housing’s impact on the communities it serves and its leadership within the affordable housing industry have been clear and admirable from day one, and we are excited to be closely aligned with a mission-driven group in our joint efforts to develop and preserve safe and quality housing for those who need it most,” said Tanya Eastwood, head of Harmony Housing Affordable Development. “I am immensely proud of what our Affordable Development team has accomplished in the years we have worked together and know that we will be well positioned for future success under the umbrella of Harmony Housing.”
“Since we began our effort of acquiring affordable housing properties for the sole purpose of enriching others’ lives and making charitable contributions to humanitarian causes with excess proceeds, our expectations have been surpassed,” said Jim O’Connell, President of Harmony Housing. “To work more closely with the Affordable Development team on projects that can be enhanced with our combined efforts and strengths is going to help us reach our goals of making an even stronger impact on the world.”
About Harmony Housing
Harmony Housing is a mission-driven nonprofit owner of affordable multifamily real estate focused on the acquisition and preservation of affordable housing properties serving low- and moderate-income families and the elderly. Part of Harmony Housing’s goal is to create a stream of cash flow to fund charitable causes worldwide. All monies remaining after covering property expenses and the expenses to acquire additional affordable properties are used for charitable purposes. Harmony Housing has been in operation for more than twenty years and has acquired more than 17,000 thousand units in its history. The senior management team of Harmony has in excess of one hundred years of combined affordable housing ownership, management, and lending experience. For more information, visit www.harmonyhousing.org.
About Harmony Housing Affordable Development
Driven by a passion for affordable housing in our nation’s most vulnerable communities, Harmony Housing Affordable Development is an industry-leading, mission-driven affordable housing developer and development partner that specializes in construction, rehabilitation, repositioning, and recapitalization of projects. To date, the group has developed approximately 16,725 apartment homes with another 8,500 in various stages of completion in 16 states. The group’s mission is to create meaningful and significant impacts on communities by helping to provide low-wealth households with decent, safe, and affordable housing. For more information, visit www.HHAD.org.
PRESS CONTACT:
Karen Marotta
212-896-9149
Karen.Marotta@greyco.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9e06b5f9-ce39-47bc-9222-c31dbecac822
