Trending Multifamily News
Mature Affordable Housing Development Business to Expand Services, Aligns Mission to Make Greater Impact on Affordable Housing Nationwide
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.
70-Unit Multifamily Project Marks Greystone Affordable Development’s First New Construction Structure
Greystone Affordable Development and Weaver-Kirkland Development, LLC are pleased to announce the financial closing and official groundbreaking for Kirkwood Grove Apartments, a 70-unit affordable senior housing community in Hudson, North Carolina. Kirkwood Grove is the result of a strategic partnership formed by these two industry-leading affordable housing developers, and is the first of several affordable housing developments that are planned in North Carolina by this joint venture over the next couple of years.
Greystone has a long history of successfully partnering and preserving affordable housing communities, having developed some 14,500+ units nationally, including 1,700 units in North Carolina. However, Kirkwood Grove will be Greystone’s first new construction affordable housing development where it will serve as a long-term owner. This joint venture has brought together like-minded partners who share an approach, vision, and commitment to increasing the supply of and access to affordable housing. Building upon this most recent accomplishment, a second collaboration between the two firms, The Havens at Oxford, a 60-unit affordable senior community to be constructed in Oxford, North Carolina is well underway and currently in the predevelopment phase with a closing anticipated in 2022.
All 70-units at Kirkwood Grove will be restricted to and serve residents over 55 years of age with household incomes ranging from 40% to 60% area median income (AMI). The construction is expected to be completed within twelve months.
To fund the $11.3 million development of the project, the partnership was awarded 9% Housing Credits from North Carolina Housing Finance Agency (NCHFA) purchased by Regions Affordable Housing which generated $6.7 million in capital contributions, along with a $2.2 million in USDA Section 538 guaranteed loan from Churchill Stateside Group. Additional funding of $2.1 million has been provided by NCHFA-administered loan programs, including the Workforce Housing Loan Program and Rental Production Program, as well as $300,000 in HOME Investment Partnerships Program funds provided by the Western Piedmont Council of Governments Unifour Consortium.
“This project is significant for our team as the first that we are developing for our direct ownership,” said Tanya Eastwood, CEO of Greystone Affordable Development. “We are thrilled to partner with Weaver-Kirkland on this project in North Carolina and thank the NCHFA for their support in bringing this much needed housing to the senior population of Hudson.”
“With the 9% tax credits being such a competitive process, we are proud to have received an award for the Kirkwood Grove project,” said Robert Jolly, Executive Vice President, Weaver-Kirkland Development, LLC. “The Greystone team has made the process from preliminary application to closing a smooth one. Weaver-Kirkland is proud to have them as a Partner on this project and look forward to future opportunities together.”
Greystone Affordable Development, a national affordable housing developer, announced that ten of its team members recently earned the designation of Housing Credit Certified Professional™ (HCCP) from the National Association of Home Builders (NAHB) and NAHB Multifamily. The team joins a select group of industry professionals nationwide who have attained the HCCP certification.
The HCCP is a specialized designation for developers, property managers, asset managers and others working in the affordable housing industry through the Low-Income Housing Tax Credit (LIHTC) program. The certification program sets competency standards for housing credit professionals involved in developing, investing in, allocating and managing housing credit properties, and the designation provides a benchmark for industry professionalism, experience, and a commitment to quality.
The Greystone Affordable Development team members who have earned the HCCP certification include:
· Tanya Eastwood, President & CEO
· Melissa Graham, Controller
· Amie Cofini, Senior Vice President, Development
· Michael Eliahu, Director, Asset Management
· Elaina Gianfortone, Director, Development
· Erica Pingitore, Director, Finance
· Kenya Pleasant, Director, Business Development
· Jon Purinai, Senior Project Director, Construction
· Steve Hankenson, Project Manager, Construction
· Sydney Malcolm, Financial Analyst (renewed)
HCCPs must have at least two years’ experience in the low-income housing tax credit industry, successfully complete 10 hours of low-income housing tax credit training, pass an examination and adhere to the HCCP’s code of ethics to qualify for certification.
“It’s critical to our business, and to our clients, that our team is most knowledgeable about the housing credit landscape, and this industry certification simply validates the team’s hard work, knowledge and experience over the years,” said Ms. Eastwood.
For additional information about the Housing Credit Certified Professional program, visit www.nahb.org.
Greystone Affordable Development, a national affordable housing developer, announced James Baugh has been named Vice President, Finance. In this leadership role, Mr. Baugh will lead a team of analysts and asset managers responsible for providing capital solutions for Greystone Affordable Development’s pipeline of projects.
Mr. Baugh has served in the Housing Tax Credit industry for over 22 years and brings extensive experience in affordable housing development, investor relations, capital markets and asset management. Prior to joining Greystone, he successfully worked with other regional and national affordable housing development and syndication groups where he was directly involved in the acquisition/rehab, recapitalization and new construction of close to 100 properties totaling over 6,800 units.
Greystone Affordable Development helps owners and property developers add to and preserve the nation’s affordable housing stock with its expertise in development, construction, and finance structures. The team, led by President and CEO Tanya Eastwood, brings deep expertise in Low Income Housing Tax Credits, tax-exempt bonds, and government-backed funding to help create and preserve thousands of affordable homes per year.
“I’m thrilled to welcome Jim to the Greystone Affordable Development team and excited for the expertise he brings to the table,” said Ms. Eastwood. “As our team continues expansion into new suburban and urban markets across the region, we look to apply all of the affordable housing finance tools at our disposal. Jim will serve as a critical financial architect to help ensure our projects are successful.”
Mr. Baugh attended The Ohio State University, receiving a BA in Economics, as well as the University of Dayton where he earned his MBA in Finance. Reporting to Ms. Eastwood, he will be based in Ohio.
Greystone Affordable Development, a national affordable housing developer, announced it has once again ranked as the #1 rural affordable housing developer for 2021 by the Council for Affordable and Rural Housing (CARH).
Greystone Affordable Development helps owners and property developers add to the nation’s affordable housing stock with its expertise in development management, construction, and finance structures. The team, led by President and CEO Tanya Eastwood, brings deep expertise in Low Income Housing Tax Credits, tax-exempt bonds, and government-backed funding available to help create and preserve thousands of affordable homes per year.
In the past year, Greystone Affordable Development helped to develop 1,186 units across 35 properties, adding to its total of over 14,500 units across 12 states in rural areas of the U.S.
“The complications that the COVID-19 pandemic has created for affordable developers cannot be understated – it has caused a number of logistical and material supply issues, as well as extensive labor shortages and tightened financing,” said Ms. Eastwood. “The fact that our team persevered during this challenging time, finding new and creative ways to still make deals work for our clients shows that our end mission of providing safe and affordable housing in communities that desperately need it is what truly drives us each and every day.”
“We are honored for this recognition by CARH, an organization that’s near and dear to us, as we are deeply committed to the mission of creating and preserving affordable rural housing in the U.S.,” she added.
NEW YORK, NY (July 8, 2019) – Greystone, a leading commercial real estate lending, investment, and advisory company, announced it has provided a $70.4 million Fannie Mae affordable housing loan for an apartment complex in Chicago, IL. The permanent financing for Morningside North Apartments, which helps fulfill Fannie Mae’s Duty to Serve mandate, will provide long-term affordable housing for hundreds of residents in the Midwest.
The 256-unit community, under a 20-year Section 8 HAP Contract, reserves 100% of its units for Very-Low Income Families (60% of Area Median Income or less). The term of the new $70,400,000 Fannie Mae loan is 17 years with 15-year yield maintenance. Financed under the Fannie Mae MBS as Tax-Exempt Bond (M.TEB) program, the borrower received tax-exempt financing from the Illinois Housing Development Authority (IHDA) in the form of long-term bonds. Additionally, Aegon is providing tax credit equity in the amount of $30,511,183 that will be utilized towards planned renovations. With newly-issued 4% tax credits, the transaction qualifies for 90% LTV, as well as the Fannie Mae Green Rewards Program, with the intention to reduce water usage by 30% and energy use by greater than 15%.
Built in 1981, Morningside North Apartments is an 18-story high-rise community made up primarily of one-bedroom units with an on-site office, library, club room, community room, storage, laundry room, controlled access, elevators, and social activities for residents. The property is located in the Gold Coast submarket of Chicago, and has a vacancy rate of under 2%.
“We thank Fannie Mae for their partnership in financing this critical asset in the Chicago market, helping to preserve quality housing for hundreds of residents,” said Jeff Englund, head of the affordable housing lending group at Greystone.
“Fannie Mae is proud to partner with Greystone on the financing of the Morningside North Apartments,” said Bob Simpson, vice president of affordable and green financing for Fannie Mae. “Working with our DUS® partners to provide innovative financing options through the MBS as Tax-Exempt Bond (M.TEB) program is one way that we are working to preserve affordable housing for those who need it most.”