Harmony Housing Affordable Development

Harmony Housing Affordable Development (HHAD) is a Raleigh, N.C., nonprofit affordable housing developer. Its parent, Harmony Housing, started in 2014 as a nonprofit owner and operator of affordable multifamily communities, and in 2023 it bought Greystone’s affordable development business, which became HHAD. That team has developed more than 16,725 affordable apartments and has about 8,500 more in progress across 16 states. HHAD works with public, private and nonprofit partners on deal structuring, financing and construction, and it keeps a working link with Greystone’s construction management group. In south Raleigh, HHAD, Gilbane Development Company and F7 International Development broke ground on Oct. 21, 2026 on Chapanoke, a nearly $58 million, 200-unit income-restricted community on Wake County land.

Three capabilities define the practice, and the middle one is the hard part: development and transaction management, finance and deal structuring, and construction management. Affordable housing deals live or die on the capital stack, and a developer that structures its own financing and then manages the construction is holding the two risks that most often sink a project.

The work is less about new ground-up housing than the published numbers suggest. The firm describes specialising in construction, rehabilitation, repositioning and recapitalisation of affordable housing across the country. Recapitalisation is the quiet one: refinancing an ageing property so repairs can be funded and affordability restrictions extended, rather than letting it convert to market rent.

Scale, in the group’s own figures, runs to over 16,725 affordable apartment homes with another 8,500 in various stages of completion across 16 states. The homepage cites a higher figure of more than 18,500 homes developed, and also claims 13,000 jobs created. Anyone citing these should pick one source and say which, since the two pages do not agree.

Named developments give a clearer picture of deal size: Eastway Crossings in Charlotte at 132 units, 50 Coxe Avenue in Asheville at 203 units, Wynwood Works in Miami at 120 units, Havens at Oxford at 60 units, and Kirkwood Grove in Hudson, North Carolina at 70 units. Recent news adds Chapanoke in Raleigh and Southernside West in Greenville, South Carolina. The portfolio reaches rural, suburban and urban markets.

The corporate structure matters for anyone underwriting a deal. HHAD is a wholly owned subsidiary of Harmony Housing, a nonprofit owner and operator founded in 2014, and was established through the acquisition of Greystone’s affordable development and advisory business in 2023. Tanya Eastwood, formerly president of Greystone Affordable Development, is president and chief executive.

The Raleigh office is at 2235 Gateway Access Point, Suite 280, on 919.573.7500.