Demand for 132 Units of Affordable Housing Includes Critically Needed Homes for Veterans, Seniors

Raleigh, NC (February 20, 2024) – Harmony Housing Affordable Development Inc., along with Urban Trends Real Estate Inc. and CAHEC Management, Inc. announce the successful lease-up for a recently-constructed affordable housing community, Eastway Crossings in Charlotte, North Carolina. The 132-unit community was fully leased within only 30 days of receiving the Certificate of Occupancy, illustrating both the extreme need for affordable housing in east Charlotte as well as the successful collaboration between the development, ownership and property management firms. 

As a Low-Income Housing Tax Credit (LIHTC) property, Eastway Crossings serves senior residents aged 55 years and older with household incomes at or below 60% Charlotte Area Median Income (AMI). Thirty-six of the units – approximately 30% of the total homes – are reserved for United States veteran residents through a Veterans Affairs Supportive Housing (VASH) project-based voucher contract, administered by local housing authority, INLIVIAN.

The common areas and amenities of Eastway Crossings are strategically designed to provide a high-quality living experience. The site is equipped with spaces designated for a variety of resident activities, including a conference room, private one-on-one meeting room, craft room, computer center with library, large community room with warming kitchen and oversized screened-in seating area, along with ample tenant storage space. Additionally, on-site management staff will coordinate activities with local service providers to foster community engagement. Eastway Crossings is located along the LYNX Blue Line and is within walking distance of the recently completed Eastway Recreational Center, as well as the multi-million-dollar Community Resource Center planned by Mecklenburg County.

“The Eastway Crossings community holds a special place in our hearts because of the veterans housing and the positive impact we are able to make on these residents’ lives with a brand-new environment and in-house services,” said Tanya Eastwood, head of Harmony Housing Affordable Development. “Our collaboration with the teams involved in this endeavor has been seamless and gratifying, and we look forward to working together again on future affordable housing opportunities.” She continued, “This was no easy feat considering the end-of-year holidays and short time period to move everyone into their new homes. CAHEC Management not only accepted the challenge, but exceeded it.”  

“We are so incredibly excited to see residents moving into Eastway Crossings and see their pride and jubilation as they move into their brand new homes,” said Chris Ogunrinde, President and CEO, Urban Trends Real Estate. “We are so thrilled with the collaboration with Harmony Housing and the impact we are making in Charlotte.”

The Eastway Crossings development was made possible by the collaboration of Harmony Housing Affordable Development, Urban Trends Real Estate, Harmony Housing, and many public-private partners including the City of Charlotte, Mecklenburg County, Inlivian, W.G. Hefner Veterans Affairs Medical Center, KeyBank, NCHFA, and CAHEC Management, Inc., among others.

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.