Harmony Housing

A 2025 Milwaukee Journal-Sentinel report in Wisconsin found that Harmony Housing received nearly $7 million in tax breaks while its units were left in disrepair, and as the organization sent money to nonprofits linked to the for-profit business Greystone. ³

History and Background

Harmony Housing is a nonprofit founded in 2005 by Stephen Rosenberg, the chief executive officer of real estate finance company Greystone, to acquire and preserve affordable housing properties that were approaching the end of their rent-subsidy periods. Greystone Property Management Corporation acts as the property manager for Harmony Housing’s portfolio.  ^{4  5  6}

The organization’s legal name is the Foundation for Affordable Rental Housing Holdings Inc., under which it files its tax returns with the Internal Revenue Service. ²

Activities

Harmony Housing acquires and operates low-income rental housing complexes. As of 2026, Harmony Housing’s active portfolio comprised properties in Florida, Illinois, Indiana, North Carolina, South Carolina, Texas, and Wisconsin.  ⁵

Harmony Housing’s model is designed to generate a stream of rental income that, after covering property operating expenses and the costs of additional acquisitions, is distributed as charitable contributions. As of 2026, the organization reported contributing over $137 million to charitable causes worldwide since its founding. ¹

In April 2023, Harmony Housing sold a portfolio of 90 affordable housing communities to The Michaels Organization, the Goldman Sachs Urban Investment Group, and the Community Development Trust for approximately $1.2 billion. The portfolio included more than 10,000 units across multiple states. ⁷

In January 2024, Harmony Housing acquired the property development, development management, and advisory business of Greystone Affordable Development, the affordable housing development arm of Greystone. The acquisition created a new group called Harmony Housing Affordable Development Inc. (HHAD). The president and chief executive officer of HHAD is Tanya Eastwood, who previously worked as the president and chief executive officer of Greystone Affordable Development. ^{8 9}

In December 2025, a Milwaukee Journal-Sentinel report alleged that Harmony Housing had received $6.8 million in tax breaks in Wisconsin to run low-income housing communities, yet left the communities in disrepair. The report alleged that Harmony Housing apartments across the state had garbage piling up, the spread of mold, rats burrowing in the walls, and were left in disrepair while Harmony Housing directed its revenues to nonprofits linked to Greystone, including one owned by Greystone CEO Stephen Rosenberg. ³

Leadership

As of 2026, the president of Harmony Housing was Jim O’Connell, who joined Harmony Housing in 2014 as the head of finance and became the president of the organization in August 2023. ¹⁰

The founder of Harmony Housing is Stephen Rosenberg. Rosenberg founded Greystone in 1988 as an independent investment banking firm focused on U.S. Department of Housing and Urban Development (HUD)-insured multifamily loans. As of 2026, Rosenberg was the founder, executive chairman, and chief executive officer of Greystone. ^{11 12  13}

Financials

According to tax filings, in 2024, Harmony Housing reported $75,884,560 in revenues, $104,507,709 in expenses, and $779,582,316 in assets. Of its 2024 revenues, the organization reported $52,670,976 from program services, $21,958,563 from investment income, $917,521 from sales of assets, and $337,500 from gifts, grants, and other contributions. Harmony Housing reported spending nearly all its expenses on operating low-income housing units. ²