Harmony Housing JV Eyes North Carolina Affordable Project
More than half of the units will cater to residents earning up to 60 percent of the area median income.
A partnership between Harmony Housing Affordable Development and F7 International Development will construct an income-restricted community in Asheville, N.C., that’s set to include 206 units.
The Buncombe County Board of Commissioners unanimously approved a Memorandum of Understanding with Harmony Housing last week. The company was one of the nine developers that applied for the project last summer. According to Buncombe County documents, applicants included Woda Cooper, The Michaels Organization, Paces Foundation and Soho Housing, to name a few.
Tise-Kiester Architects provided design services for the $74.5 million project, while Bolton & Menk will serve as civil engineer. Groundbreaking is slated for 2027, with completion estimated for 2029, county documents show.
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The community will comprise one- to three-bedroom layouts. Units are set to cater to residents earning at or below 20, 30, 50, 60 and 80 percent of the area median income. The bulk of the units, 110 apartments, will be reserved for those earning up to 60 percent of AMI.
The project will take shape on county-owned land at 50-52 Coxe Ave., less than 1 mile from Asheville’s downtown area. Upon completion, the property will also include ground-floor retail, community spaces, as well as green areas and public art exhibits.
The North Carolina Housing Finance Agency will issue 4 and 9 percent low-income housing tax credits totaling $67.5 million, Buncombe County documents show. The county also pledged $9.8 million for the project.
Harmony Housing’s development endeavors
Harmony Housing created its affordable division last year. To facilitate ground-up projects, the new entity acquired Greystone Affordable Development. Though Greystone CEO Stephen Rosenberg had founded both Harmony Housing and Greystone Affordable Development, the two companies operated independently of one other.
However, the duo did collaborate on projects to overcome affordable housing supply challenges. The entities teamed up with Urban Trends Real Estate for the construction of Eastway Crossings, a 132-unit income- and age-restricted community in East Charlotte, N.C. The community came online last year, catering to seniors aged 55 and above earning at or below 60 percent of AMI.
